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]