TGS exceeds Q3 operational expectations with strong asset utilization

TGS ASA reported a normalized Ocean Bottom Node (OBN) crew count of 2.8 in Q3 2025, significantly higher than Q3 2024's 3.8. This included a notable increase in multi-client OBN activity to 1.0 from 0.0 in the prior year. Streamer vessel utilization also saw shifts, with contract capacity rising to 45% (from 20% in Q3 2024) and multi-client capacity decreasing to 28% (from 57% in Q3 2024). The total number of active seismic streamer 3D vessels remained constant at six.

chief executive Kristian Johansen highlighted that asset utilization in Q3 2025 exceeded expectations, with the normalized OBN crew count reaching 2.8 and streamer vessel utilization at 73%. These figures surpassed previous indications of approximately 2.5 and 65%, respectively, driven by optimized vessel scheduling and securing more work.

Preliminary financial review indicates multi-client investment is expected to be approximately $86m in Q3 2025, a decrease from $129.4m in Q3 2024. TGS is scheduled to release its full Q3 2025 results on 23 October 2025.