Goldman Sachs starts TGS at 'buy' as oil capex and AI converge

TGS ASA

20/04/2026 12:09

** Goldman Sachs initiates coverage of TGS TGS.OL at "buy", seeing a 36% upside and calling the company a key enabler of hydrocarbon exploration in the AI age

** The brokerage sees the Norwegian energy data company as uniquely positioned at the intersection of the beginning of oil capex and seismic pricing upcycles

** TGS is an AI winner backed by its global seismic library and benefits from superior utilisation and flexibility following its merger with PGS, it adds

** Goldman Sachs’ 2026-2028E EBITDA forecast is 2-11% above consensus and it applies a 3.5x EV/EBITDA multiple to 2027E

 (Reporting by Alexander Klyve Gudbrandsen)

 ((alexanderklyve.gudbrandsen@thomsonreuters.com))