EL7.AI
StocksMedium•22 October 2026•
3 min read

TGS Estimates Multi-Client Investments at About $63 Million

Key Facts

1TGS estimated multi-client investments at about $63 million in the third quarter of 2026, compared with $85.9 million a year earlier.
2Contracts accounted for 53% of active seismic vessel capacity in the third quarter of 2026, up from 45% in the corresponding period.
3The average normalized number of ocean-bottom survey crews working on contracts rose to 2.2 crews, from 1.8 crews in the corresponding period.
4The company said its 3D seismic vessel capacity was fully booked for the fourth quarter and expected utilization to remain high.

TGS estimated investments in multi-client projects at about $63 million in the third quarter of 2026, according to the preliminary financial review in its operational update. The estimate was down from investments of $85.9 million in the corresponding period of 2025. The company's website lists the publication of third-quarter results on 22 October 2026, following the update covering project investments and survey fleet activity. TGS provides advanced data and intelligence to energy companies, according to its description of its business in the results presentation announcement. Its products support energy resource exploration and production.

On operations, TGS said seismic vessel utilization fell short of its expectations due to "operational challenges" affecting a multi-client project in the North Sea. The company said the project was completed in September, after those challenges affected vessel utilization during the third quarter. Contract work accounted for 53% of active seismic vessel capacity in the third quarter of 2026. Contracts accounted for 45% in the corresponding quarter of 2025, according to the comparison in the company's operational update. The average normalized number of ocean-bottom node crews working on contracts also rose to 2.2 crews, from 1.8 crews in the corresponding period.

The developments follow a second quarter in which TGS generated revenue of about $400 million, according to the company's results statement for that period of 2026. The company said multi-client project activity helped support revenue in that quarter. It also attributed the performance to sales in the Americas and West Africa, the two regions it cited as supporting revenue. Earnings before interest, taxes, depreciation and amortization totaled about $244 million in the second quarter. That represented an increase of 60% from the corresponding quarter of 2025, according to the same results statement.

In its contract business, TGS announced a one-month extension to a seismic survey contract offshore Indonesia during the third quarter of 2026. The company described the contract as the largest streamer seismic data acquisition contract offshore Indonesia. Its chief executive said the project "enhances future revenue visibility" in comments on the extension. For the fourth quarter, the company said in its operational update that "all 3D seismic vessel capacity is booked." TGS expected utilization of those vessels to remain high during the quarter, following the operational difficulties it faced in the previous period.

In Brazil, TGS set out a data acquisition schedule for the Pelotas Sul project with SLB offshore southern Brazil. It said a Ramform Titan-class vessel was scheduled to begin data acquisition in October 2026. The company expects to complete data acquisition in the second or third quarter of 2027, according to the multi-client project announcement. For upcoming disclosures, the company's calendar published on Euronext lists the fourth-quarter report for 11 February 2027. That will be followed by the annual report, scheduled for publication on 19 March 2027, according to the same calendar.