Operating profit of $28 million compared to $90 million in Q4 2024.
Operating profit of $28 million compared to $90 million in Q4 2024.
Multi-client sales of $264 million in Q4 2025 were slightly up on $261 million in Q4 2024. However, contract sales of $99 million were well down on $231 million in Q4 2024.
The company reported order inflow of $598 million in Q4 2025, increasing order backlog to $706 million. Net cash flow was $206 million in 2025, while net debt has been cut by $73 million to $473 million in 2025.
For the year ahead, TGS is expecting mulit-client investments of $500-575 million, up from $447 million in 2025. Gross operating cost of $950 million for this year will remain at around the same level as 2025.
TGS CEO Kristian Johansen said: ‘Considering the difficult market conditions, I am satisfied with our Q4 2025 results. We gained significant traction with customers, achieving an order inflow of $598 million — our best quarter since before the pandemic. Our multi-client business performed well, and strong momentum at year-end meant our sales-to-investment ratio met our annual goal of 2.0x. Although contract revenues in Marine Data Acquisition were affected by reduced proprietary seismic survey activity, our integrated business model allowed us to improve asset utilisation, thanks to increased demand for multi-client projects. The Imaging division benefited from a sharpened strategic approach, producing a 65% growth in pro-forma external revenue for 2025.
‘Due to oil price uncertainty and elevated geopolitical risks, we do not expect notable improvements in market conditions in the near future. However, as the global oil market is expected to move toward a more balanced state in the latter part of 2026, and as our clients increasingly prioritise reserve health and exploration for new resources, I am optimistic about a sustained recovery in demand over the longer term.’
