TGS Q4 2025 Operational Update

Core Viewpoint - TGS ASA has reported significant changes in its operational metrics for Q4 2025, indicating a shift in its seismic vessel utilization and multi-client investment, which reflects a strong market position and operational efficiency [1][3]. Operational Metrics - The normalized Ocean Bottom Node (OBN) crew count for Q4 2025 was 0.7 for contracts and 1.0 for multi-client projects, compared to 3.5 and 0.0 respectively in Q4 2024 [1]. - The allocation of active seismic streamer 3D vessel capacity showed a decrease in contract work from 35% in Q4 2024 to 31% in Q4 2025, while multi-client work increased from 31% to 48% [2]. Financial Overview - TGS expects multi-client investment to reach approximately USD 120 million in Q4 2025, up from USD 100.4 million in Q4 2024 [2]. - The company reported a seismic vessel utilization rate of 79% in Q4 2025, an increase from 73% in the previous quarter [3]. - TGS has reduced its net interest-bearing debt to approximately USD 430 million, indicating a stronger balance sheet [3]. Future Outlook - The company has established a portfolio of multi-client projects offshore Brazil, with plans to maintain half of its streamer fleet in the region into 2026 [3]. - TGS will release its Q4 2025 results on February 12, 2026, with a live presentation by the CEO and CFO [3].