TGS Announces Q3 2026 Results - Correction

Correction: the updated Q3 2026 earnings release now includes Note 12. Everything else unchanged.  

OSLO, Norway (22 October 2026) - TGS today reports interim financial results for Q3 2026.

Financial highlights:

• Revenues of USD 397 million driven by high contract activity, compared to USD 388 million in Q3 2025 
• EBITDA of USD 222 million, including USD 41 million in gain from sale of the well data business, compared to USD 242 million in Q3 2025
• EBIT of USD 86 million, including USD 41 million in gain from sale of the well data business, compared to USD 94 million in Q3 2025
• Cost impacted by operational challenges 
• Robust order inflow¹ of USD 357 million resulting in a total order backlog¹ of USD 679 million, a Y/Y increase of 52%
• Dividend of USD 0.155 per share to be paid in Q4 2026

“The third quarter saw strong contract activity across both the 3D streamer vessel fleet and the Ocean Bottom Node (OBN) operations, resulting in the highest contract revenues since the fourth quarter of 2024. Although a higher activity level led to year-over-year growth in revenue, margins were negatively impacted by a combination of higher costs, driven by operational challenges, and low contract pricing. Going forward we are pleased to see a stronger pipeline of streamer contract opportunities, with clients competing for available capacity on several occasions. This development gives us confidence that contract pricing will improve from 2027. In OBN, tendering activity continues to increase, reinforcing our expectation of higher activity levels next year.

Our order intake continues to be strong, supported by a healthy mix of new contract awards and multi-client projects during the quarter, bringing total backlog to USD 679 million, up 52% from Q3 last year. The streamer fleet is fully booked for the fourth quarter, and visibility has improved significantly compared with the same period last year, enabling us to optimize asset allocation. Given the increased volume of contract work in the pipeline, we have decided to defer certain multi-client projects. As a result, we now expect multi-client investments in 2026 to be approximately USD 510 million, compared with our previous guidance of approximately USD 550 million.

Sustained high oil prices have strengthened our customers’ cash flows, while a marked increase in acreage awards has created a growing inventory of areas yet to be evaluated and explored. Together, these developments are driving demand for high-quality seismic data and reinforce our confidence in the opportunities ahead,” says Kristian Johansen, CEO of TGS.

Management presentation
CEO Kristian Johansen and CFO Sven Børre Larsen will present the results today at 09:00 a.m. CEST. The presentation will be webcasted live.

Webcast access and registration 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://qcnl.tv/p/F9pp7ArbItpZ5nPyrrIErw

The Q3 2026 earnings release and presentation will be available on www.tgs.com and www.newsweb.no.

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

Bård Stenberg, VP IR & Business Intelligence
Mobile: +47 992 45 235
E-mail: investor@tgs.com

¹Order inflow and backlog excludes the North American well data business, which was sold in Q3 2026.

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.