TGS today 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 2 normalized crew counts

Kristian Johansen, CEO of TGS, commented: 
“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,”

KeyFactsEnergy Industry Directory: TGS