Norway's TGS Q1 revenue rises on multi-client activity

TGS ASA

30/04/2026 06:13

Overview

Norway energy data provider's Q1 revenue reached $321 mln, driven by high multi-client activity

Order backlog rose to $779 mln, highest since 2019

Company saw delayed sales in Brazil project due to funding commitment timing

Outlook

TGS maintains 2026 multi-client investment guidance at $500-575 mln

Company expects 2026 capex at approximately same level as 2025

TGS sees 2026 gross operating cost at about $950 mln

Result Drivers

MULTI-CLIENT ACTIVITY - High multi-client investment and vessel utilization drove revenue in Q1, per CEO Kristian Johansen

DELAYED SALES - Multi-client sales came in below expectations due to delayed pre-funding commitments for a Brazil survey

ORDER INTAKE - Strong order intake of $392 mln increased backlog to $779 mln, providing improved visibility into future revenues

Company press release: ID:nGNE8zdMpP

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Order Backlog
$779 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 2 "hold" and 3 "sell" or "strong sell"

The average consensus recommendation for the oil related services and equipment peer group is "buy."

Wall Street's median 12-month price target for TGS ASA is NOK125.00, about 15.3% below its April 29 closing price of NOK147.60

The stock recently traded at 24 times the next 12-month earnings vs. a P/E of 18 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)