TGS reports interim financial results for Q2 2026.
Financial highlights:
- 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 two 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.
Source: TGS
