Norway's TGS Q2 revenue up 30% on demand for multi-client data

TGS ASA

23/07/2026 06:13

    

    Overview
  
Norway energy data provider's Q2 revenue rose 30% yr/yr on strong multi-client activity
Q2 EBITDA grew 60% yr/yr; company returned to operating profit from loss last year
Order backlog at end-Q2 up 78% yr/yr, supported by major contract awards

    

    Outlook
  
TGS expects 2026 multi-client investments to be about $550 mln
Company expects second half gross operating cost in line with annual run rate of $950 mln
TGS sees OBN activity averaging about 2 normalized crew counts in 2026

    

    Result Drivers
  
MULTI-CLIENT DEMAND - Co said higher demand for multi-client data, especially in key oil and gas basins, drove revenue growth
STREAMER UTILIZATION - Streamer utilization reached 94%, highest since Q3 2013, supporting operational performance
ORDER INTAKE - Strong order inflow, including major contract awards and extensions, boosted order backlog and visibility

    
Company press release: ID:nGNE3fZX9q

    

    Key Details
  

            Metric
          

            Beat/Miss
          

            Actual
          

            Consensus Estimate
          
Q2 EBIT
 
$120 mln
 
Q2 EBITDA
 
$244 mln
 
Q2 Order Backlog
 
$756 mln
 

    

    Analyst Coverage
  
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 2 "hold" and 2 "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 NOK152.50, about 4.5% above its July 22 closing price of NOK146.00
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 24 three months ago

    

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July 22 - Liberty Energy Q2 revenue rises as investments and AI-driven advancements supported results

    
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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.)