TGS reported produced revenues of USD 400.3 million for the second quarter of 2026, a 30% increase from USD 307.9 million in the same period last year, supported by high multi-client activity and strong sales across North and South America and West Africa.
Produced EBITDA rose by 60% year on year to USD 244 million, while produced operating profit reached USD 120.3 million, compared with a loss of USD 21.5 million in Q2 2025. On an IFRS basis, operating revenues totalled USD 373 million and net income amounted to USD 39.6 million.
The company recorded multi-client sales of USD 249.7 million, up from USD 135.8 million a year earlier. Organic multi-client investment increased to USD 168.2 million, with major activity including the Nigeria Laide and Pelotas Norte Phase I 3D streamer surveys, as well as the completion of the APEX 1 ocean-bottom node survey in the Gulf of America.
TGS also continued acquisition of the Pelotas Sul 3D survey offshore Brazil, commenced the Åsta Graben 3D survey in the North Sea and completed the Ultra Profundo 2D survey offshore Angola. The company has additionally secured exclusive rights to acquire new multi-client data offshore Brunei and announced plans to create an offshore MegaSurvey in Equatorial Guinea.
Commercial utilisation of the company’s 3D streamer fleet reached 94%, its highest level since the third quarter of 2013. Of the available vessel time, 75% was allocated to multi-client programmes, with the remainder used for proprietary acquisition work.
Contract activity during the quarter included 3D streamer acquisition offshore Indonesia, the start of 4D surveys in the North Sea and Angola, and a major OBN project in the Gulf of America. TGS also reported that its node-on-a-rope crew was fully utilised across several North Sea projects.
Order inflow increased to USD 377 million from USD 133 million in Q2 2025. The order backlog stood at USD 756 million at the end of the quarter, representing a year-on-year increase of 78%. Recent awards included an approximately eight-month 4D streamer contract offshore Angola and a three-year extension to a multi-year OBN contract in the Gulf of America.
TGS said it expects 2026 contract streamer activity to increase compared with 2025, although visibility for 2027 remains limited. The company anticipates lower OBN activity this year, followed by potential growth in 2027 based on its current opportunity pipeline.
For 2026, TGS now expects multi-client investment of approximately USD 550 million. Streamer utilisation is forecast to increase significantly year on year, while OBN activity is expected to average around two normalised crews.
Following the end of the quarter, TGS completed the sale of its North American well data business, A2D, to Enverus for USD 100 million at closing, with a potential additional earn-out of USD 15 million. The company said the transaction sharpens its focus on its integrated offshore data and technology offering.
