Tgs Asa S/Adr (TGSGY) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to you TDS Q2 2025 results presentation. My name is Art Stenberg, Vice President of Western Relations and Business Intelligence in TDS. Today's presentation will be given by CEO Christian Johansen and CFO Sven-Bertur Larsen. I would also like to draw your attention to the cautionary statement showing on the screen and also available in today's presentation and earnings release. You can start typing in questions during the presentation and we will address your questions after management's concluding remarks. So with that, I give the floor to you, Christian. Thank you, Board, and welcome everyone to TDS's Q2 2025 earnings release. I'm going to hit the highlights right away and I'm going to start with two bullet points that probably are in the categories of explanations rather than excuses for what we would consider a relatively weak quarter. So the first one is we had multi-client revenues below expectations due to low library sales. And if you remember back to the end of Q2 of 2025, we had a rather weak and volatile macro environment where the oil price dropped from about 76 to 66 during the last 10 days of the quarter. That may have had an impact on our end of quarter sales. Again, it shouldn't be used as an excuse, but we definitely had lower than expected library sales. And as you all know, we typically make a lot of our library data licensing over the past or last seven to 10 days of any given quarter. In addition to that, we had contract revenues negatively impacted by operational challenges of one of our projects in Asia. And then we also had lower contribution from JV partners on multi-client projects where we typically have a 50-50 split between our JV partners. So altogether, we had total revenues of $308 million that compared to $381...