TGS has reported interim financial results for Q4 2025.
Financial highlights:
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Q4 Revenues of USD 363 million, driven by strong multi-client performance (sales-to-investment of 2.0x for the full year 2025)
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Solid order inflow of USD 598 million in Q4 2025 - total order backlog increased to USD 706 million
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Net cash flow of USD 206 million in 2025
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Improved balance sheet resilience by reducing net debt by USD 73 million in 2025, to USD 427 million
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Stable dividend payment of USD 0.155 per share to be paid in Q1 2026
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2026 guidance:
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Multi-client investment in the range of USD 500-575 million supported by strong customer commitments, up from USD 447 million in 2025
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Significant increase in vessel utilization driven by high multi-client activity - OBN activity expected to be in-line with 2025
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Gross operating cost of approximately USD 950 million – Capex at approximately the same level as in 2025.
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'Considering the difficult market conditions, I am satisfied with our Q4 2025 results. We gained significant traction with customers, achieving an order inflow of USD 598 million — our best quarter since before the pandemic. Our multi-client business performed well, and strong momentum at year-end meant our sales-to-investment ratio met our annual goal of 2.0x. Although contract revenues in Marine Data Acquisition were affected by reduced proprietary seismic survey activity, our integrated business model allowed us to improve asset utilization, thanks to increased demand for multi-client projects. The Imaging division benefited from a sharpened strategic approach, producing a 65% growth in pro-forma external revenue for 2025.
Throughout the year, we maintained our focus on cost and capital efficiency, which led to a substantial reduction in costs. Consequently, we generated a net cash flow before dividends of more than USD 200 million and lowered net debt to USD 427 million by year-end, despite revenue declines and challenging market conditions.
Due to oil price uncertainty and elevated geopolitical risks, we do not expect notable improvements in market conditions in the near future. However, as the global oil market is expected to move toward a more balanced state in the latter part of 2026, and as our clients increasingly prioritize reserve health and exploration for new resources, I am optimistic about a sustained recovery in demand over the longer term,' says Kristian Johansen, CEO of TGS.
