TGS reported second-quarter 2026 revenue of $400 million, a 30% increase from a year earlier, and EBITDA of $244 million, up 60% year over year. Operating profit (EBIT) came to $120 million, reversing a $22 million operating loss in the second quarter of 2025.
Revenue and order backlog
TGS said the results reflected high multi-client activity and strong sales in North and South America and West Africa. Streamer utilization reached 94% in the quarter, the highest level since the third quarter of 2013.
Order inflow totaled $377 million, bringing TGS's order backlog to $756 million, up 78% from a year earlier. The company said order intake included the extension of a multi-year ocean-bottom-node contract and an eight-month 4D contract offshore Angola.
| Measure | Q2 2026 | Change |
|---|---|---|
| Revenue | $400 million | +30% y/y |
| EBITDA | $244 million | +60% y/y |
| EBIT | $120 million | vs. $22 million loss in Q2 2025 |
| Streamer utilization | 94% | highest since Q3 2013 |
| Order backlog | $756 million | +78% y/y |
Balance sheet and dividend
TGS said its balance sheet supports a stable dividend of $0.155 per share, payable in the third quarter of 2026. After quarter end, TGS completed the sale of its North American well data business for a price of more than $100 million, which the company said further strengthened its balance sheet.
2026 guidance
TGS updated its 2026 guidance. Multi-client investments are now expected to be approximately $550 million, compared with a previous range of $500 million to $575 million. Second-half gross operating cost is expected to be in line with an annual run rate of $950 million, and ocean-bottom-node activity is expected to average about two normalized crew counts.
CEO Kristian Johansen said "the long-term outlook for oil and gas exploration continues to strengthen," pointing to increased focus on energy security, reserve replacement and supply resilience as drivers of renewed interest in exploration activity.
