TGS Announces Q2 2025 Operational Highlights and Revenue Insights
TGS Operational Update for Q2 2025
OSLO, Norway – TGS ASA (“TGS”) is a leading global provider of energy data and intelligence. As part of its commitment to transparency, TGS publishes quarterly updates to share insights from its latest operations and finances.
Crew Count Insights
In Q2 2025, TGS has reported a notable shift in its normalized Ocean Bottom Node (OBN) crew count. The table below summarizes the normalized crew counts compared to the previous year for both contracted and multi-client operations:
Normalized Crew Count Overview:
- Contract: 1.7 (Q2 2025) compared to 2.7 (Q2 2024)
- Multi-client: 1.1 (Q2 2025) up from 0.0 (Q2 2024)
Seismic Streamer Vessels Capacity Allocation
The allocation of active seismic streamer 3D vessel capacity shows significant advancements. Below are the statistics detailing capacity allocation:
Active Seismic Streamer Capacity Allocation:
- Contract: 55% in Q2 2025, an increase from 28% in Q2 2024
- Multi-client: 23% in Q2 2025, down from 36% in Q2 2024
- Steaming: 9% in Q2 2025, down from 14% in Q2 2024
- Yard: 7% in Q2 2025, slightly up from 6% in Q2 2024
Financial Highlights
Looking at the projected financial results, TGS expects a total revenue of approximately USD 332 million for Q2 2025. This is an improvement over Q2 2024, which saw revenues of USD 224 million. Additionally, the produced revenues are anticipated to be about USD 306 million this quarter, rising from USD 215 million in Q2 2024. Furthermore, revenues from multi-client operations are expected to reach USD 135 million compared to USD 115 million last year. Investments in multi-client projects are also projected at around USD 120 million, a notable increase from USD 52 million in the previous period.
CEO's Remarks on Current Quarter Performance
Kristian Johansen, the CEO of TGS, provided an overview regarding operational challenges faced during the quarter. He highlighted how the quarter didn't meet internal forecasts due to several reasons: a downturn in end-of-quarter data licensing, operational hurdles with streamer projects, and lower joint venture partner participation that squeezed revenues. However, Johansen expressed optimism about the future, noting that exploration activities are likely to gradually increase, spurred by recent developments in key markets.
Upcoming Financial Releases
The quarterly results will be publicly available on TGS’s website, with a detailed presentation scheduled shortly after.
Contact Information
For more inquiries, reach out to:
Bård Stenberg, VP IR & Communication
Tel: +47 992 45 235
Email: investor@tgs.com
About TGS
TGS is committed to providing advanced data and intelligence to the energy sector globally. Through innovative technology and a comprehensive data library, TGS aims to empower clients to make informed decisions in exploration and production, further driving the energy markets.
Frequently Asked Questions
What were TGS's expected revenues for Q2 2025?
TGS expects revenues to be approximately USD 332 million for Q2 2025.
How did the crew count change from Q2 2024 to Q2 2025?
The contracted crew count decreased from 2.7 in Q2 2024 to 1.7 in Q2 2025.
What factors impacted TGS's revenue recognition?
Revenue was impacted by delayed data licensing deals, operational challenges, and lower participation from joint ventures.
When will TGS release its Q2 2025 results?
The financial results will be available on the 17th of July, 2025.
Who should I contact for more information about TGS?
For more information, contact Bård Stenberg at +47 992 45 235 or via email.
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