TGS reports record growth in revenue and utilization
In the second quarter of 2026, TGS recorded significant growth in revenue and seismic vessel utilization, achieving its best results in 13 years. The company notes a strengthening of long-term prospects for oil and gas exploration and maintains a stable financial position.
Petrus
Major Norwegian geophysical company TGS has reported an improvement in market conditions in the second quarter of 2026. During this period, the company achieved the highest seismic streamer utilization rate in the past 13 years, indicating that its seismic survey vessels were fully booked throughout the quarter.
Financial Results
In the second quarter of 2026, TGS’s revenue increased by 30% compared to the same period last year, reaching $400 million. This growth was driven by strong activity in multi-client projects and significant sales in North and South America, as well as in West Africa. EBITDA rose by 60% to $244 million. Operating profit reached $120 million, a notable turnaround from a loss of $22 million recorded in the second quarter of 2025.
Operational Performance
The streamer utilization rate reached 94%, the highest level for the company since the third quarter of 2013. Strong demand for multi-client programs in the world’s most promising oil and gas basins continues to support revenue growth and ensures attractive long-term returns for the multi-client business.
Industry Outlook
The company notes that the long-term outlook for oil and gas exploration continues to strengthen. Increased focus on energy security, replenishing reserves, and supply chain stability is driving renewed interest in exploration activities. Higher long-term demand expectations highlight the need for new discoveries.
TGS boasts a high-quality data library, a robust financial position, and a balanced capital allocation strategy, enabling the company to effectively capitalize on market opportunities and create long-term value for its shareholders.