TGS Q2 2025 Operational and Financial Update

Core Insights - TGS ASA reported a financial update for Q2 2025, indicating a significant increase in revenues compared to Q2 2024, with IFRS revenues expected to be approximately USD 332 million, up from USD 224 million [1][4] - The company faced challenges in Q2 2025, including lower-than-expected data licensing, operational difficulties, and reduced participation from joint venture partners, which impacted revenue recognition [4] Revenue Breakdown - Produced revenues are projected to be around USD 306 million in Q2 2025, compared to USD 215 million in Q2 2024 [2][6] - Contract revenues for Q2 2025 are estimated at USD 171 million, an increase from USD 100 million in Q2 2024 [3] Multi-client Insights - Multi-client revenues are expected to reach approximately USD 135 million in Q2 2025, compared to USD 115 million in Q2 2024 [2] - Multi-client investment is anticipated to be around USD 120 million in Q2 2025, significantly higher than USD 52 million in Q2 2024 [2] Operational Metrics - The normalized Ocean Bottom Node (OBN) crew count for Q2 2025 was 1.7 for contracts and 1.1 for multi-client, compared to 2.7 and 0.0 respectively in Q2 2024 [1] - The allocation of active seismic streamer 3D vessel capacity showed a shift, with contract capacity increasing to 55% from 28% year-over-year [1] Future Outlook - CEO Kristian Johansen expressed optimism about future exploration activity, citing positive developments in Brazil and the US Gulf of America as drivers for increased seismic activity [4]