Energy data and intelligence provider TGS has secured rights to market and license geophysical data from the offshore basins of the Comoros, an African archipelago in the Indian Ocean, following an agreement with the Gouvernement de L’Union des Comores and the Bureau Géologique des Comores. TGS said that its regional data library enables energy companies to assess exploration opportunities across the Comoros’ offshore regions. The ComorosSPAN survey is located near the deep-water Rovuma Basin, which is r ...

Core Insights - TGS has announced the Pelotas Norte Phase I multi-client 3D survey in the Pelotas Basin, covering approximately 14,800 square kilometers across 21 exploration blocks, primarily in un-held acreage expected to be included in upcoming bid rounds [1][3] Project Details - A Ramform Titan-class vessel will mobilize for the survey later in Q4 2025, with the project expected to run into Q3 2026, utilizing TGS GeoStreamer technology for high-resolution 3D seismic data [2] - The Pelotas Basin is characterized by early basin carbonates and passive margin clastic sequences, with three organic-rich intervals from Albian, Turonian, and Paleocene ages, attracting significant industry interest due to geological similarities with West Africa [3] Industry Context - CEO Kristian Johansen highlighted the acceleration of exploration activity in the Pelotas Norte Basin, with major oil companies increasing their presence, and emphasized that the survey will enhance seismic coverage and assist clients in understanding geological structures [4] - The addition of Pelotas Norte Phase I brings the total number of Ramform Titan-class vessels operating offshore Brazil to three for the remainder of 2025 and into 2026 [4]

Core Insights - TGS has announced the PAMA Phase II 3D multi-client survey in the Equatorial Margin area offshore Brazil, expanding its coverage significantly in a highly prospective basin [1][2][4] - The survey will cover an additional 11,500 square kilometers, including blocks nominated for upcoming license rounds in 2026 and 2027 [2] - The project is supported by industry funding and utilizes advanced TGS GeoStreamer technology for high-quality data acquisition [2][4] Industry Context - The Pará-Maranhao Basin is recognized for its functioning deepwater petroleum system, attracting interest due to discoveries in neighboring countries like Guyana and Suriname [3] - TGS aims to leverage its advanced acquisition capabilities to provide substantial value for clients' exploration activities in the basin [4] - The ongoing Megabar extension multi-client project in the Barreirinhas Basin will see two Ramform Titan-class vessels active in the Equatorial Margin through the remainder of 2025 [4]

Core Insights - Viridien and TGS have launched the Megabar Extension Phase I survey in the Barreirinhas Basin, covering 5,300 sq km, aimed at enhancing geological understanding and exploration potential in the region [1][4] - The Barreirinhas Basin is noted for its proven petroleum systems and recent licensing activities by international oil companies (IOCs), indicating a growing interest in the area [2][5] - The survey will utilize TGS's advanced GeoStreamer technology aboard the Ramform Tethys vessel, with data acquisition set to begin in early September and conclude by late November [3] Company Insights - Viridien is a technology and Earth data company focused on providing innovative solutions for natural resource challenges, employing around 3,200 people globally and listed on Euronext Paris [6] - TGS is committed to delivering high-quality data for exploration in Brazil's equatorial margin basins, leveraging its expertise to support the energy industry [5] Industry Insights - The Megabar Extension Phase I survey is positioned in a promising area with no existing 3D data, which could lead to new exploration opportunities and improved prospect evaluation [3][4] - The project is expected to generate significant interest and value for clients, providing them with an early-mover advantage in the underexplored Barreirinhas Basin [5]

Financial Performance - TGS reported strong financial performance in Q1 2025, with the multi-client segment significantly exceeding expectations due to robust sales of vintage library data in frontier areas [1] - The sales-to-investment ratio over the past four quarters was above 2x (pro-forma), highlighting the attractiveness of the multi-client model and the benefits of having a large and diversified data library [1] - There was a significant year-on-year improvement in asset utilization, contributing to solid contract revenues [5] Market Outlook - Despite recent oil price weakness adding short-term uncertainty, the long-term outlook for the energy sector remains positive [2] - E&P companies are struggling to replace reserves at current spending levels, indicating a need for more exploration to maintain production [2] Financial Metrics - Multi-client investment for Q1 2025 was USD 130 million, supported by solid pre-commitments from clients [5] - Order inflow during Q1 2025 was USD 302 million, resulting in a total order backlog of USD 600 million [5] - Strong cash flow reduced net debt to USD 453 million from USD 500 million at the end of 2024 [5] - The company plans to pay a stable dividend of USD 0.155 per share in Q2 2025 [5] Guidance and Adjustments - Guidance for gross operating expenses and capital expenditures has been lowered to approximately USD 1,000 million and USD 135 million, respectively, due to increased macro uncertainty [5]