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]

Core Insights - TGS has launched the Ultra Profundo multi-client 2D survey offshore Angola, covering approximately 12,600 line kilometers, with data acquisition expected to be completed in about 100 days and full data processing scheduled for completion in Q2 2027 [1][2]. Group 1: Survey Details - The Ultra Profundo survey is the first 2D multi-client acquisition in Angola's ultra deepwater areas since 2015, targeting a highly underexplored region [2]. - The survey aims to provide modern, long-offset seismic data essential for imaging complex pre-salt and top-salt structures, enhancing regional geological understanding [2]. Group 2: Company Perspective - TGS's CEO, Kristian Johansen, highlighted that Angola's ultra deepwater margin represents a significant frontier exploration opportunity in West Africa, with the Ultra Profundo program delivering high-quality seismic coverage to unlock pre-salt and sub-salt potential [3]. - TGS emphasizes its advanced acquisition and imaging capabilities to support future exploration activities in the energy sector [3]. Group 3: Company Overview - TGS provides advanced data and intelligence to energy sector companies, offering a comprehensive range of insights to aid in decision-making across the energy value chain [4]. - The company boasts a global, extensive, and diverse energy data library, positioning itself as a trusted partner in energy resource exploration and production [4].

Core Insights - TGS, in collaboration with SLB, has launched Engagement 9, a new phase of their Ocean Bottom Node (OBN) multi-client campaign in the Gulf of America [1][5] - Engagement 9 aims to improve subsurface illumination in the Walker Ridge protraction area, which is known for its structural complexity and hydrocarbon potential [2][3] - The project covers 161 OCS blocks and includes significant producing assets, enhancing imaging quality and supporting field development [2][3] Project Details - The acquisition phase of Engagement 9 is expected to conclude in July 2026, with final data products anticipated for release in the second half of 2027 [4] - The use of a low frequency source in the project is designed to enhance full waveform inversion (FWI) and long wavelength velocity model building [2][3] Strategic Importance - Engagement 9 is positioned to unlock infrastructure-led exploration opportunities, providing clients with greater subsurface confidence in a commercially successful region [3] - The project reflects TGS's commitment to technological innovation and delivering high-value subsurface insights to customers [5]

Core Viewpoint - TGS has secured an ocean bottom node (OBN) contract in Europe, which will enhance its data acquisition campaign for the 2026 season [1][2]. Group 1: Contract Details - The OBN contract has a duration of approximately 45 days, with acquisition activities set to begin in early April [1]. - The contract is aimed at optimizing resource extraction over a well-established producing field for a repeat customer [2]. Group 2: Company Insights - TGS is recognized as a leading provider of energy data and intelligence, offering advanced technology and solutions across the entire energy value chain [3]. - The company emphasizes its commitment to acquiring and delivering high-quality data, which supports clients in making informed decisions in the energy sector [2][3].

Core Insights - TGS has secured a 4D streamer acquisition contract in the North Sea, offshore Norway, with a survey scheduled to begin in Q2 2026 and expected to last approximately 65 days [1] Company Overview - TGS is a leading provider of energy data and intelligence, offering advanced data and technology solutions across the entire energy value chain [3] - The company utilizes proprietary GeoStreamer technology and Ramform-designed vessels to deliver high-quality data for optimizing oil and gas production [2] Contract Details - The contract is awarded to TGS by a repeat customer, indicating a strong relationship and trust in TGS's capabilities [2] - The survey will be conducted using a Ramform vessel, showcasing TGS's advanced technological capabilities in the energy sector [1][2]

Core Viewpoint - TGS, a leading global provider of energy data and intelligence, is set to release its Q4 2025 results on February 12, 2026, at 07:00 a.m. CET, with a public presentation following at 09:00 a.m. CET [1] Group 1 - The Q4 2025 earnings release and presentation will be accessible on TGS's official website and news platforms [2] - CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at Thon Hotel Vika Atrium in Oslo, Norway [1] - The presentation will be webcasted live, allowing broader access for stakeholders [1] Group 2 - TGS specializes in providing advanced data and intelligence to the energy sector, supporting exploration and production activities [3] - The company utilizes cutting-edge technology and a diverse energy data library to assist clients in making informed decisions [3] - TGS is recognized as a trusted partner in the global energy market, offering a comprehensive range of insights across the energy value chain [3]

Core Insights - TGS has secured a multi-year enterprise agreement with a supermajor for the licensing of its Imaging AnyWare software suite, enhancing its position in geophysical technology innovation and commercial seismic processing software [1][2] Company Developments - The agreement signifies TGS' growing community of supermajor clients, reflecting confidence in the functionality of the Imaging AnyWare software [2] - The supermajor will implement the Imaging AnyWare software across its global exploration and production operations, which includes collaborative R&D opportunities and integration of proprietary technology [2] Industry Context - TGS provides advanced data and intelligence solutions across the energy value chain, supporting exploration and production of energy resources globally [3]

Core Insights - The Sea Lion oil project has transitioned from ambition to execution with the final investment decision (FID) secured, marking it as the largest deepwater oil development in the South Atlantic outside Brazil [4] Group 1: Project Overview - Sea Lion contains approximately 315 million barrels of recoverable crude oil, with a planned production peak of 50,000 barrels per day (b/d) and first oil expected in 2028 [2] - The project is being developed in phases, with Phase 1 targeting 170 million barrels and Phase 2 aiming for an additional 144 million barrels [2][5] - The total cost for Phase 1 is estimated at around $1.8 billion to first oil, with completion costs expected to reach approximately $2.1 billion [5] Group 2: Historical Context - Discovered in 2010, Sea Lion was the first commercial oil find in the Falkland Islands but faced delays due to its remote location and legal challenges [3] - The project was effectively stalled until Navitas Petroleum entered in 2020, becoming the operator and majority owner in 2021 after restructuring ownership and financing [3][4] Group 3: Financial and Operational Strategy - Navitas Petroleum's strategy focuses on long-cycle offshore developments, utilizing bespoke financing and a tolerance for high geopolitical risk, as demonstrated in previous projects like the Leviathan gas field [1] - The funding agreement established by Navitas covered 100% of Rockhopper's project costs prior to sanction, reviving an asset that had been financially frozen for years [5] Group 4: Political and Legal Landscape - The legal framework for the Sea Lion project is complex, influenced by the historical context of the Falklands War and ongoing sovereignty disputes between the UK and Argentina [6][7] - Despite Argentina's opposition, the Falkland Islands Government has issued licenses and regulated petroleum activity, with a royalty rate of 9% and corporate income tax of 26% [7] Group 5: Future Implications - The success of Sea Lion could unlock further developments in the region, particularly the Darwin deepwater gas-condensate discovery, which has remained undeveloped due to economic constraints [9] - The project demonstrates that with the right capital structure and operator profile, previously dismissed projects can achieve commercial viability, potentially reshaping investor perceptions of frontier basins [11]

Core Insights - TGS has secured a 4D streamer contract in the Campos basin, offshore Brazil, with a survey scheduled for the second half of 2026 lasting approximately 75 days [1][2]. Company Overview - TGS is a leading provider of energy data and intelligence, offering advanced technology and solutions across the entire energy value chain [3]. - The company utilizes proprietary GeoStreamer technology and purpose-built Ramform vessels to deliver high-quality data for optimizing production in the energy sector [2][3]. Contract Details - The awarded contract is for an independent energy company in Brazil, emphasizing TGS's capability to maintain industry-leading acquisition efficiency [2]. - The mobilization of the Ramform vessel for the survey is planned for the latter half of 2026 [1].

Core Insights - TGS has secured its first OBN contract for the 2026 season in Europe, with mobilization scheduled for early May 2026 and a contract duration of approximately 60 days [1][2]. Company Overview - TGS is a leading provider of energy data and intelligence, offering advanced data technologies and solutions across the entire energy value chain [3]. - The company aims to build a robust acquisition campaign in Europe, capitalizing on several tenders for OBN projects planned for 2026 [2][3]. Technology and Execution - TGS's OBN technology has been recognized by a valued repeat customer, highlighting the company's proven track record in project execution and ability to deliver high-quality data on time [2].