Norway · Delayed Price · Currency is NOK TGS ASA Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw strong revenue growth, record vessel utilization, and the highest order backlog since 2019, driven by high multi-client activity and renewed exploration focus. Guidance for 2026 remains unchanged, with optimism for further growth as industry sentiment shifts toward reinvestment.
Fiscal Year 2025
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Q4 2025 saw strong multi-client sales and record order inflow, offsetting lower data acquisition revenues amid oil price volatility. Cost reductions and capital discipline led to improved margins and reduced net debt, with a positive long-term outlook supported by increased exploration demand.
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Q3 delivered a strong sequential recovery with revenues up 26% and EBITDA margin at 62%, driven by cost control and robust multi-client sales. Capex guidance was reduced, net debt declined, and the outlook remains positive for multi-client, though contract markets are expected to stay challenging unless oil prices rise.
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Q2 2025 saw revenues fall 19% year-over-year to $308 million due to weak multi-client sales and operational issues, but EBITDA margin improved to 50% on strong cost control. Vessel capacity is being reduced, and dividend is maintained, with a positive long-term outlook despite short-term volatility.
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Q1 2025 saw revenue and EBITDA growth, strong multi-client sales, and improved asset utilization. CapEx and cost guidance were reduced, with stable dividends and a solid balance sheet. The outlook remains positive, with proactive measures in place amid macroeconomic uncertainties.
Fiscal Year 2024
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Q4 2024 saw 19% revenue growth, strong Multi-Client sales, and accelerated merger synergies. 2025 guidance includes higher Multi-Client investments, improved vessel utilization, and an 11% dividend increase, with continued focus on profitability and disciplined capital allocation.
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Q3 delivered strong revenue and profit growth, with merger synergies ahead of plan and credit ratings upgraded. Multi-client and contract segments performed well, while NES showed double-digit growth. 2025 is expected to see higher vessel utilization and continued operational momentum.
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The company has transformed into the largest integrated energy data provider through strategic acquisitions, now controlling over 60% of recent seismic data and leading in new energy growth. Strong synergy realization, low leverage, and a focus on shareholder returns position it for future exploration and energy transition opportunities.
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The company has completed major acquisitions, rapidly integrated operations, and now leads in energy data with a diversified portfolio across oil, gas, and New Energy. Financial discipline, robust balance sheet, and strong technology and people focus underpin growth, with $110–$130 million in synergies expected by 2025.
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Q2 2024 saw revenues of $215 million, a 94% early sales rate, and record $368 million in new contracts, boosting backlog to $611 million. The PGS acquisition closed July 1, with integration underway and strong synergies expected. H2 2024 is set for higher investments and revenue growth.