Tgs Asa S/Adr (TGSGY) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the presentation of TGS Q2 2026 results. My name is Bard Stenberg, Vice President, Investor Relations and Business Intelligence in TGS. Today's presentation will be given by CEO Kristian Johansen and CFO Svemberi Larsson. Before we start, I would like to draw your attention to the cautionary statement showing on the screen and available in today's presentation and earnings release. After management's concluding remarks, we will open up for questions from the audience. You can start by typing in questions on the webcast platform during the presentation. So with that, I give the word to you, Christian. Thank you, board. So I'll start with the highlights for Q2. We had revenues as announced on the sixth business day of $400 million. They're up 30% year on year, and it's driven by a very strong multi-client quarter. Our EBITDA came in at $244 million. That corresponds to a 61% EBITDA margin, well in line with the historical averages of TGS. Then we had a Q2 EBIT of $120 million and that correspond to a 30% EBIT margin. I'm particularly pleased about the streamer utilization, came in at 94% and it's the highest streamer utilization we've had since Q3 of 2013. And this is clear evidence of the fact that the model works, the integrated model where we can shift capacity between multi-client and contract really seems to be working and this is up considerably from the same quarter of last year as you remember. We also had a very strong order inflow. We had $377 million of new orders signed during the quarter. And that means that our total order backlog at the end of Q2 is about $756 million, which is in line with what you saw at the end of Q1. So very strong backlog, which tees up TGS for the future and future growth. We're also maintaining our quar...