OSLO, Norway (30 April 2026) - TGS today reports interim financial results for Q1 2026.
Financial highlights:
- Revenues of USD 321 million driven by high multi-client activity, but with delayed funding commitment for one large project
- Robust cash flow - net debt reduced further to USD 425 million
- High streamer vessel utilization of 91% and solid multi-client activity level
- Order inflow of USD 392 million resulting in a total order backlog of USD 779 million, the highest since 2019
- Solid balance sheet allows for stable dividend payment of USD 0.155 per share to be paid in Q2 2026
- 2026 guidance maintained:
- Multi-client investment in the range of USD 500-575 million
- Capex at approximately the same level as in 2025
- Gross operating cost of approximately USD 950 million
- Significant increase in vessel utilization driven by high multi-client activity - OBN activity expected to be in-line with 2025
"The first quarter of 2026 was characterized by high multi-client investment activity, reflecting our confidence in the long-term value creation potential in the multi-client business model. We invested USD 178 million during the quarter and allocated the majority of our asset capacity to multi-client projects. While multi-client sales came in below our expectations due to delays in finalizing pre-funding commitments for a survey in Brazil, we continue to see solid client engagement and expect these discussions to conclude prior to completion of acquisition.
We delivered a strong order intake of USD 392 million during the quarter, increasing our backlog to USD 779 million at quarter end. This provides improved visibility into future revenues and underlines the resilience of our integrated business model. Our net cash flow of USD 29 million reflects a continued strong focus on cost discipline and capital efficiency while maintaining a high level of strategic investment.
The long-term outlook for oil and gas exploration continues to improve. High oil prices, increased geopolitical uncertainty and a strengthened focus on reserve replacement are driving renewed interest in exploration activity. With a high-quality data library, strong balance sheet and disciplined capital allocation, we are well positioned to capture opportunities and create long-term value for our shareholders," says Kristian Johansen, CEO of TGS.
Management presentation
CEO Kristian Johansen and CFO Sven Børre Larsen will present the results 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:
https://qcnl.tv/p/pn1GEWpA8P1HxeStvx42kQ
The Q1 2026 earnings release and presentation are available on www.newsweb.no and www.tgs.com.
For more information, visit TGS.com (http://www.tgs.com) or contact:
Bård Stenberg, VP IR & Business Intelligence
Mobile: +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.
