TGS Q1 2025 Operational Update

Core Insights - TGS ASA reported a significant year-on-year improvement in asset utilization for Q1 2025, with a normalized Ocean Bottom Node (OBN) crew count increasing from 1.9 in Q1 2024 to 2.8 in Q1 2025 for contract work, and from 0.0 to 0.2 for multi-client work [1] - The allocation of active seismic streamer 3D vessel capacity showed an increase in multi-client capacity from 30% in Q1 2024 to 36% in Q1 2025, indicating a positive trend in multi-client activity [1] - TGS expects a multi-client investment of approximately USD 130 million for Q1 2025, reflecting higher-than-expected investments in new data [1][2] Company Performance - CEO Kristian Johansen highlighted the healthy multi-client activity levels, particularly in frontier areas, and emphasized the company's strong balance sheet and leading assets [2] - The number of vessels decreased from 7 in Q1 2024 to 6 in Q1 2025, with a notable reduction in stacked/standby vessels from 21% to 13% [1] - TGS will release its Q1 2025 results on May 9, 2025, with a live presentation open to the public [2][3]