OSLO, Norway (8 July 2025) - TGS ASA ("TGS"), a leading global provider of energy data and intelligence, routinely publishes a quarterly operational update six working days after quarter-end. For Q2 2025, it also includes a financial update.
The table below shows TGS' normalized Ocean Bottom Node (OBN) crew count¹:
| Q2 2025 | Q2 2024 | |
| Normalized crew count Contract1 | 1.7 | 2.7 |
| Normalized crew count Multi-client1 | 1.1 | 0.0 |
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:
| Q2 2025 | Q2 2024 | |
| Contract | 55% | 28% |
| Multi-client | 23% | 36% |
| Steaming | 9% | 14% |
| Yard | 7% | 6% |
| Stacked/Standby | 6% | 16% |
| Number of vessels | 6 | 6 |
2) The statistics include only active seismic 3D streamer vessels (capacity working on New Energy Solutions projects are excluded).
Based on preliminary reporting from operating units, management of TGS expects IFRS revenues to be approximately USD 332 million in Q2 2025, compared to USD 224 million in Q2 2024 (USD 353 million proforma4 in Q2 2024).
Produced revenues³ are expected to be approximately USD 306 million in Q2 2025, compared to USD 215 million in Q2 2024 (USD 381 million proforma4 in Q2 2024).
Produced multi-client revenues are estimated to be approximately USD 135 million in Q2 2025, compared to USD 115 million in Q2 2024 (USD 194 million proforma4 in Q2 2024). Multi-client investment is expected to be approximately USD 120 million in Q2 2025, compared to USD 52 million in Q2 2024 (USD 92 million proforma4 in Q2 2024).
Contract revenues amounted to approximately USD 171 million in Q2 2025, compared to USD 100 million in Q2 2024 (USD 187 million proforma4 in Q2 2024).
Kristian Johansen, CEO of TGS commented: "After several strong quarters, Q2 came in below expectations mainly due to three main factors. First, the end-of-quarter data licensing came in below internal forecasts, with several data licensing deals being postponed. Second, we encountered challenging operational conditions and stand-by time on one of our streamer projects, negatively impacting revenue recognition. Third, lower-than-expected JV-partner participation on certain multi-client projects resulted in recognition of higher multi-client investments and lower contract revenues. Discussions with our clients support our view that exploration activity will gradually increase from today's levels. The successful offshore licensing round in Brazil and the recent announcement of a lease sale in the US Gulf of America are both positive drivers in facilitating more seismic activity in two of our key markets."
TGS will release its Q2 2025 results at 07:00 a.m. CEST on 17 July 2025. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 a.m. CEST, webcasted live.
The webcast can be followed live via this link:
https://channel.royalcast.com/landingpage/hegnarmedia/20250717_2/
³For the purpose of Produced revenues, multi-client revenues committed prior to completion of projects are recognized on a percentage of completion basis. This differs from IFRS reporting, where revenues committed prior to completion are recognized when the customers receive access to the finished data.
Adjustments between preliminary IFRS and Produced revenue numbers for Q2 2025: Preliminary reported IFRS revenue: USD 332 million
- Revenue recognized from performance obligations met during Q2 for completed projects: USD 95 million
+ Revenue recognized under Produced during Q2: USD 69 million
= Preliminary reported Produced revenue: USD 306 million
4Proforma considers TGS acquisition of PGS, which was completed 1 July 2024.
For more information, visit TGS.com (http://www.tgs.com) or contact:
Bård Stenberg, VP IR & Communication
Tel.: +47 992 45 235
E-mail: investor@tgs.com
About TGS
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 (https://www.tgs.com/).
Forward Looking Statement
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward- looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.
