TGS announces Q2 2026 results

TGS today reports interim financial results for Q2 2026. Revenues of USD 400 million driven by high multi-client activity and strong sales in North and South America, and West Africa EBITDA of USD 244 million, up 60% compared to Q2 2025 Operating profit (EBIT) of USD 120 million, compared to a loss of USD 22 million in Q2 2025 Streamer utilization of 94%, highest since Q3 2013 Strong order inflow of USD 377 million resulting in a total order backlog of USD 756 million, a Y/Y increase of 78% Solid balance sheet allows for stable dividend payment of USD 0.155 per share to be paid in Q3 2026 Balance sheet further strengthened by the completion of the sale of the North American well data business after quarter end for a price of more than USD 100 million 2026 guidance update: Multi-client investments for 2026 expected to be approximately USD 550 million compared to previous expectation of USD 500-575 million Second half gross operating cost expected to be in line with annual run rate of USD 950 million OBN activity expected to average approximately 2 normalized crew counts With revenues up 30% and EBITDA up 60% y/y, TGS delivered strong financial results for Q2 2026, driven by a combination of growing demand for our multi-client data and solid operational execution. We saw a high activity level in the quarter, with streamer utilization reaching its highest level since Q3 2013. Strong demand for our multi-client programs in the most attractive oil and gas basins of the world, supports continued revenue growth and attractive long-term returns from the multi-client business. Order intake was strong, highlighted by several milestone contract awards, including the extension of a multi-year OBN contract and the award of an eight-months 4D contract offshore Angola. Our order book ended the quarter at USD 756 million, up 78% from Q2 last year, providing strong visibility and supporting optimized asset utilization going forward. The long-term outlook for oil and gas exploration continues to strengthen. Increased focus on energy security, reserve replacement, and supply resilience is driving renewed interest in exploration activity, while higher long-term demand expectations further reinforce the need for new discoveries. With our high-quality data library, strong balance sheet, and disciplined capital allocation, we are well positioned to capture opportunities and generate long-term shareholder value, says Kristian Johansen, CEO of TGS. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results today at 09:00 a.m. CEST. The presentation will be webcasted live. Access and registration for webcast attendees are available by copying and pasting the link below into your browser, or use the link on the front page of www.tgs.com. The Q2 2026 earnings release and presentation are available on www.newsweb.no and www.tgs.com. TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com.