TGS Q3 Backlog Jumps 52% to USD 679M as Margins Slip
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.