OSLO, Norway (8 July 2026) - 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:
+---------------------------------------+---------+---------+ | | Q2 2026 | Q2 2025 | +---------------------------------------+---------+---------+ | Normalized crew count Contract(1) | 1.1 | 1.7 | +---------------------------------------+---------+---------+ | Normalized crew count Multi-client(1) | 0.6 | 1.1 | +---------------------------------------+---------+---------+
(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 capacity(2).
+-------------------+---------+---------+ | | Q2 2026 | Q2 2025 | +-------------------+---------+---------+ | Contract | 19% | 55% | +-------------------+---------+---------+ | Multi-client | 75% | 23% | +-------------------+---------+---------+ | Steaming | 0% | 9% | +-------------------+---------+---------+ | Yard | 3% | 7% | +-------------------+---------+---------+ | Standby | 3% | 6% | +-------------------+---------+---------+ | 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 reporting from operating units, Management of TGS expects Produced revenues³ to be approximately USD 400 million in Q2 2026, versus a company collected consensus estimate of USD 359 million. Produced revenues in Q2 2025 were USD 308 million. Multi-client investment is expected to be approximately USD 168 million in Q2 2026, compared to USD 114 million in Q2 2025.
Kristian Johansen, CEO of TGS commented: "I am very pleased to report strong Q2 revenues with a Y/Y growth of 30%, driven primarily by solid multi-client performance in Latin America and Africa. Asset utilization during the quarter was slightly above our expectations, with 3D streamer utilization reaching 94% and an average normalized OBN crew count of 1.7. While the de-escalation of the conflict in the Middle East has resulted in lower oil prices, the oil companies are gradually becoming more focused on replenishing reserves through exploration. Supported by increasing energy security requirements and the need to sustain long-term production, we remain confident that exploration activity is set to grow over the coming years."
TGS will release its Q2 2026 results at 07:00 a.m. CEST on 23 July 2026. 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://qcnl.tv/p/7MIl_mYRi7KUNOIIsaj01w
For more information, visit TGS.com (http://www.tgs.com) or contact: Bård Stenberg, VP IR & Business Intelligence Tel.: +47 992 45 235 E-mail: investor@tgs.com
(³ )(For 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. Management )(of TGS expects IFRS revenues to be approximately USD 373 million in Q2 2026, compared to USD 334.2 million in Q2 2025.)
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.
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