TGS announces Q2 2025 results

Financial highlights:

Multi-client revenues impacted by several library data purchases being postponed and low client commitment to ongoing projects

Challenging operational conditions for a large contract project and lower than expected JV partner participation for certain multi-client programs negatively affected contract revenues

Order inflow of USD 133 million during Q2 2025, total order backlog of USD 425 million

Net cash flow of USD 11 million in Q2 2025, compared to USD -13 million in Q2 2024

Maintaining a stable dividend payment of USD 0.155 per share to be paid in Q3 2025

Gross operating costs for 2025 expected to be approximately USD 950 million compared to previous guidance of approximately USD 1,000 million, reduction driven by further efficiency gains and vessel scheduling

"The Q2 2025 results were negatively impacted by several factors. End-of-quarter data licensing came in below expectations, with several data licensing deals being postponed. Further, we encountered challenging operational conditions on one of our streamer projects, negatively impacting revenue recognition. Finally, lower-than-expected partner participation in certain multi-client projects resulted in lower recognition of contract revenues and higher multi-client investments. The guidance for gross operating expenses has been reduced further, as we continue to review our cost base and ...