Oslo – November 10, 2026 -- TGS reported third-quarter 2026 revenues of USD 397 million, up from USD 388 million a year earlier, as its order backlog rose 52% year on year to USD 679 million. Higher costs and low contract pricing weighed on profitability.
EBITDA falls to USD 222 million despite a USD 41 million disposal gain
EBITDA came in at USD 222 million, down from USD 242 million in Q3 2025, and includes a USD 41 million gain from the sale of the well data business. EBIT was USD 86 million, versus USD 94 million a year earlier, also including the USD 41 million gain.
TGS attributed the margin pressure to operational challenges and low contract pricing. Contract revenues were the highest since the fourth quarter of 2024, driven by activity across both the 3D streamer fleet and Ocean Bottom Node (OBN) operations.
Order inflow of USD 357 million lifts backlog and fills the Q4 streamer schedule
Order inflow reached USD 357 million, a mix of new contract awards and multi-client projects. The streamer fleet is fully booked for the fourth quarter, and visibility is significantly better than a year ago, which lets TGS optimize asset allocation. Order inflow and backlog figures exclude the North American well data business, which was sold in Q3 2026.
TGS cuts 2026 multi-client investment guidance to USD 510 million
Because of the larger volume of contract work in the pipeline, TGS is deferring certain multi-client projects. It now expects 2026 multi-client investments of about USD 510 million, down from prior guidance of about USD 550 million.
Management expects streamer pricing to improve from 2027
CEO Kristian Johansen said clients have competed for available streamer capacity on several occasions, and the company expects contract pricing to improve from 2027. OBN tendering activity continues to increase, and TGS expects higher OBN activity next year.
Johansen pointed to sustained high oil prices, which have strengthened customer cash flows, and to a marked increase in acreage awards. Together these have created a growing inventory of areas yet to be evaluated and explored, driving demand for seismic data.
TGS will pay a dividend of USD 0.155 per share in Q4 2026.