TGS, a leading global provider of energy data and intelligence, routinely publishes a quarterly operational update six working days after quarter-end.
The table below shows TGS’ normalized Ocean Bottom Node (OBN) crew count¹:
|
|
Q1 2026 |
Q1 2025 |
|
Normalized crew count Contract(1) |
0.4 |
2.8 |
|
Normalized crew count Multi-client(1) |
1.5 |
0.2 |
1) The table shows the average number of crews in operation when assuming a normalized crew size.
The table below shows TGS’ allocation of active seismic streamer 3D vessel capacity2. In Q1 2026 Ramform Victory started as a source vessel in Gabon and continued with a 2D multi-client survey offshore Angola. The vessel is included in the statistics below.
|
|
Q1 2026 |
Q1 2025 |
|
Contract |
26% |
37% |
|
Multi-client |
65% |
36% |
|
Steaming |
6% |
11% |
|
Yard |
1% |
3% |
|
Stacked/Standby |
2% |
13% |
|
Number of vessels |
6 |
6 |
2) The statistics include active seismic 3D streamer vessels (capacity working on site characterization projects is excluded).
Based on preliminary financial review TGS expects multi-client investment to be approximately USD 178 million in Q1 2026, compared to USD 129.7 million in Q1 2025.
Kristian Johansen, CEO of TGS commented: 'Streamer utilization reached 91% for the quarter, exceeding our expectation of approximately 85% and marking a significant increase from 79% in the previous quarter. Multi-client activity was high, absorbing 65% of streamer vessel capacity, driven by three large projects in the Equatorial Margin area and Pelotas basin offshore Brazil. Funding commitments for one of these large surveys have been delayed but is expected to materialize before completion of acquisition. Our OBN activity was focused on projects in the Gulf of America, where we completed a contract job and worked on the Apex 1 multi-client program throughout the quarter. The geopolitical situation in the Middle East creates some short term uncertainty but reinforces the need for higher global reserve replacement ratios and increased exploration investments longer-term.'
TGS will release its Q1 2026 results at 07:00 a.m. CEST on 30 April 2026. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 a.m. CEST, webcasted live.
Source: TGS
