TGS announces Q1 2025 results

TGS-Nopec Geophysical Company ASAShs

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OSLO, Norway (9 May 2025) - TGS today reports interim financial results for Q1 2025.

Financial highlights:

• Strong multi-client performance driven by high interest for data in frontier areas
• Multi-client investment of USD 130 million supported by solid pre-commitments from clients
• Significant year-over-year improvement in asset utilization secured solid contract revenues
• Order inflow of USD 302 million during Q1 2025 – total order backlog of USD 600 million
• Strong cash flow reducing net debt to USD 453 million from USD 500 million at the end of 2024
• Solid balance sheet allows for stable dividend payment of USD 0.155 per share to be paid in Q2 2025
• Guidance for gross operating expenses and capital expenditures lowered to approximately USD 1,000 million and approximately USD 135 million, respectively, in response to increased macro uncertainty

"We are pleased about the strong financial performance in Q1 2025. The multi-client segment significantly exceeded expectations, primarily as a result of strong sales of vintage library data in frontier areas. A sales-to-investment ratio above 2x (pro-forma) over the past four quarters illustrates the attractiveness of the multi-client model and the benefit of having the world’s largest and most diversified data library. We are also pleased about the contract performance in the quarter, with significant year-on-year improvement of asset utilization.

Although the recent oil price weakness adds uncertainty in the short term, the long-term outlook remains positive. At current spending levels most E&P companies struggle to replace reserves, and more exploration is needed to maintain production,” says Kristian Johansen, CEO of TGS. 

Management presentation
CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 a.m. CEST at House of Oslo, Ruseløkkveien 34 in Oslo, Norway. The presentation is open to the public and will be webcasted live.

Access and registration for webcast attendees are available by copying and pasting the link below into your browser, or use the link on the front page of www.tgs.com:
https://channel.royalcast.com/landingpage/hegnarmedia/20250509_2/

A recorded version of the entire presentation will be available on TGS.com
(http://www.tgs.com) after the live event.

The complete Q1 2025 earnings release and presentation can be downloaded from www.tgs.com or newsweb.no. 

For more information, visit TGS.com (http://www.tgs.com) or contact:

Bård Stenberg
Vice President IR & Communication
Tel: +47 992 45 235
E-mail: investor@tgs.com

About TGS
TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).

Forward Looking Statement
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward- looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

Attachments

• Q1 2025 Earnings Release
• Q1 2025 Presentation