Q2 2026 TGS ASA Earnings Call Transcript
Key Points
- TGS ASA (TGSGY) reported a 30% year-on-year increase in revenues, reaching $400 million, driven by a strong multi-client quarter.
- The company achieved a 61% EBITDA margin, aligning with historical averages, and a 30% EBIT margin.
- Streamer utilization reached 94%, the highest since Q3 2013, indicating effective capacity management between multi-client and contract work.
- A strong order inflow of $377 million was recorded, maintaining a robust order backlog of $756 million.
- TGS ASA (TGSGY) successfully sold its North American well data business, strengthening its balance sheet and positioning for future shareholder distribution discussions.
- Marine data acquisition external revenues decreased from $145 million to $98 million compared to the same quarter last year.
- Operating expenses were higher than expected due to increased activity levels, geographical mix, and higher fuel prices.
- The EBITDA margin for the marine data acquisition business was slightly down due to internal production being charged with zero margin.
- The company experienced a negative cash flow of $56 million in the quarter, attributed to seasonal working capital impacts.
- Pricing on the streamer side remained flat, with some competitors underpricing by 15-20%, indicating industry pricing challenges.
Good morning and welcome to the presentation of TGS Q2 2026 results. My name is Bart Stenberg, Vice President of Investor Relations and Business Intelligence in TGS.
Today's presentation will be given by CEO Christian Johansen and CFO Sven Beder Larsen.
Before we start, I would like to draw your attention to the cautionary statement showing on the screen and available in today's presentation and earnings release.
After management's concluding remarks, we will open up for questions from the audience. And you can start by typing in questions on the webcast platform during the presentation.
So with that, I give the word to you, Christian.
Thank you, board. So I'll start with the highlights for Q2.
We had revenues as announced on the sixth business day of $400 million.
They're up 30% year-on-year, and it's driven by a very strong multi-client quarter.
Our EBITDA came in at
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