Norway's TGS Q4 revenue at $363 mln, order inflow boosts backlog

TGS ASA

12/02/2026 06:09

Overview

Norway energy data provider's Q4 revenue of $363 mln driven by strong multi-client performance

Company's Q4 order inflow of $598 mln boosts backlog to $706 mln

Net debt reduced by $73 mln in 2025, improving balance sheet resilience

Outlook

TGS expects 2026 multi-client investment between USD 500-575 mln

Company anticipates vessel utilization increase due to high multi-client activity

TGS forecasts gross operating cost of approximately USD 950 mln for 2026

Result Drivers

MULTI-CLIENT PERFORMANCE - Strong multi-client performance drove Q4 revenues, achieving a sales-to-investment ratio of 2.0x for 2025

ORDER INFLOW - Significant order inflow of USD 598 million in Q4 boosted the total order backlog to USD 706 million

IMAGING DIVISION GROWTH - Imaging division's pro-forma external revenue grew by 65% in 2025 due to a strategic approach

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Order Backlog
$706 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 3 "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 NOK80.00, about 23.9% below its February 11 closing price of NOK105.10

The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 19 three months ago

Press Release: ID:nGNEfGxBY

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(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.)