Core Insights - TGS has launched APEX 1, a pioneering multi-client long-offset Ocean Bottom Node (OBN) acquisition campaign in the Gulf of America, with node deployment starting in December 2025 and completion expected by late Q2 2026 [1] - APEX 1 sets a new standard for large-scale long-offset multi-client seismic by utilizing a denser node grid and functioning as a stand-alone exploration dataset, independent of streamer seismic coverage [2] - The project is supported by industry funding and aims to create a flexible, future-proof exploration dataset that can be utilized in various geological contexts, enhancing exploration capabilities not only in the Gulf of America but also in other offshore basins globally [4] Technical Advancements - APEX 1 is powered by TGS' Gemini™ enhanced frequency source and incorporates advanced techniques such as Dynamic Matching FWI (DM-FWI), which together improve subsurface resolution, velocity accuracy, and geological confidence [3] - The combination of dense node spacing and ultra-long offsets is designed to significantly enhance imaging workflows, providing a step-change in data quality for exploration and appraisal [3] Company Vision - TGS emphasizes its commitment to innovation in multi-client seismic technology, with APEX 1 reflecting the company's collaborative efforts across various teams to meet customer needs with high-impact solutions [5] - The initiative underscores TGS' dedication to delivering exceptional value and reinforcing its position as a leader in seismic technology, particularly in a market where efficiency and data quality are critical [5]

Core Insights - Pulse Seismic Inc. reported strong financial results for the first half of 2025, with significant increases in revenue and shareholder free cash flow, driven by traditional data sales and energy sector M&A activity [3][11]. Financial Performance - Total revenue for Q2 2025 was $18.3 million, a substantial increase from $6.3 million in Q2 2024. For the first half of 2025, revenue reached $41.1 million, compared to $15.1 million in the same period of 2024, reflecting a 171% increase year-over-year [6][7]. - EBITDA for Q2 2025 was $15.2 million, up from $4.4 million in Q2 2024. For the first half of 2025, EBITDA totaled $35.3 million, compared to $10.6 million in the same period of 2024 [6][7]. - Net earnings for Q2 2025 were $9.6 million ($0.19 per share), compared to $1.3 million ($0.03 per share) in Q2 2024. For the first half of 2025, net earnings were $22.9 million ($0.45 per share), compared to $4.0 million ($0.08 per share) in the same period of 2024 [6][7]. Shareholder Returns - The Board of Directors declared a regular quarterly dividend of $0.0175 per share and a special dividend of $0.20 per share, totaling approximately $11.0 million based on shares outstanding [2][3]. - The company distributed 84% of its free cash flow in 2025 as dividends, with special dividends totaling $0.80 declared over the last 24 months [3][6]. Capital Management - The company had a cash balance of $25.9 million and $5.0 million in available liquidity as of June 30, 2025 [6][8]. - Working capital increased to $24.2 million, with a working capital ratio of 4.8:1, indicating strong liquidity [8]. Market Position - Pulse Seismic holds the largest licensable seismic data library in Canada, covering approximately 65,310 square kilometers of 3D seismic and 829,207 kilometers of 2D seismic [16]. - The company benefits from a strong position in the energy sector, particularly in Western Canada, where it provides essential subsurface information for exploration and production companies [3][16]. Industry Outlook - The company anticipates continued strong M&A activity in the energy sector, with drilling forecasts indicating a potential increase in wells drilled in 2025 [12][11]. - However, the company acknowledges challenges in forecasting future revenue due to the inherent volatility in the seismic data library business and external market conditions [12][14].

Core Viewpoint - Pulse Seismic Inc. reported strong financial results for the first half of 2025, with significant revenue growth and a focus on returning capital to shareholders through dividends [3][11]. Financial Performance - Total revenue for Q2 2025 was $18.3 million, a substantial increase from $6.3 million in Q2 2024. For the first half of 2025, revenue reached $41.1 million, compared to $15.1 million in the same period of 2024, reflecting a 171% increase year-over-year [6][7]. - EBITDA for Q2 2025 was $15.2 million, up from $4.4 million in Q2 2024. For the first half of 2025, EBITDA totaled $35.3 million, compared to $10.6 million in the same period of 2024 [6][7]. - Net earnings for Q2 2025 were $9.6 million ($0.19 per share), compared to $1.3 million ($0.03 per share) in Q2 2024. For the first half of 2025, net earnings were $22.9 million ($0.45 per share), compared to $4.0 million ($0.08 per share) in the same period of 2024 [6][7]. Shareholder Returns - The Board declared a regular quarterly dividend of $0.0175 per share and a special dividend of $0.20 per share, totaling approximately $11.0 million based on shares outstanding [2][3]. - The company distributed 84% of its free cash flow in 2025 as dividends, with special dividends totaling $0.80 declared over the last 24 months [3][6]. Operational Highlights - The company has a cash balance of $25.9 million and $5.0 million in available liquidity as of June 30, 2025 [6][11]. - The seismic data library consists of approximately 65,310 square kilometers of 3D seismic and 829,207 kilometers of 2D seismic, covering the Western Canada Sedimentary Basin [16]. Market Outlook - The company anticipates continued strong M&A activity in the energy sector, despite challenges in forecasting future revenue due to market fluctuations [12][15]. - Industry trends such as land sales, drilling forecasts, and commodity prices are expected to influence future performance [12][14].