TGS has released a preliminary operational update ahead of its second-quarter 2026 results, indicating an expected 30% year-on-year increase in produced revenues to approximately USD 400 million, compared with USD 308 million in Q2 2025.
The company attributes the stronger performance primarily to multi-client activity in Latin America and Africa. During the quarter, average 3D streamer vessel utilisation reached 94%, while the average normalised Ocean Bottom Node (OBN) crew count was 1.7.
Operational activity also reflected a continued emphasis on multi-client acquisition. Approximately 75% of active 3D streamer vessel capacity was allocated to multi-client projects in Q2 2026, compared with 23% in the same period last year, while contract work accounted for 19% of capacity.
Multi-client investment is expected to total approximately USD 168 million, up from USD 114 million in Q2 2025.
According to CEO Kristian Johansen, although lower oil prices have followed the recent easing of tensions in the Middle East, operators are increasingly focused on replenishing reserves through exploration, supported by long-term production needs and growing energy security considerations.
TGS is scheduled to publish its full Q2 2026 financial results on 23 July 2026.
