TGS announces Q4 2025 results

Financial Performance - TGS reported Q4 2025 revenues of USD 363 million, driven by strong multi-client performance with a sales-to-investment ratio of 2.0x for the full year 2025 [5] - The company achieved an order inflow of USD 598 million in Q4 2025, marking the best quarter since before the pandemic, and increased total order backlog to USD 706 million [5] - TGS generated a net cash flow before dividends of over USD 200 million and reduced net debt to USD 427 million by year-end, despite challenging market conditions [2][5] Strategic Insights - The Imaging division experienced a 65% growth in pro-forma external revenue for 2025, attributed to a sharpened strategic approach [1] - The company maintained a focus on cost and capital efficiency, leading to a substantial reduction in costs [2] - Management anticipates a sustained recovery in demand as the global oil market is expected to move toward a more balanced state in the latter part of 2026 [3] Future Guidance - For 2026, TGS plans to invest in multi-client projects in the range of USD 500-575 million, an increase from USD 447 million in 2025, supported by strong customer commitments [5] - The company expects significant increases in vessel utilization driven by high multi-client activity, with OBN activity anticipated to be in line with 2025 [5] - Gross operating costs are projected to be approximately USD 950 million, with capital expenditures expected to remain at similar levels as in 2025 [5]