TGS ASA (TGSNF) Q2 2025 Earnings Call Transcript

2025-07-17 10:36:40 ET

TGS ASA (TGSNF)

Q2 2025 Earnings Conference Call

July 17 2025, 03:00 AM ET

Company Participants

Bård Stenberg - Corporate Participant

Kristian Kuvaas Johansen - Chief Executive Officer

Sven Børre Larsen - Chief Financial Officer

Presentation

Bård Stenberg

Good morning and welcome to TGS Q2 2025 Results Presentation. My name is Bård Stenberg, Vice President, Investor Relations and Business Intelligence in TGS. Today's presentation will be given by CEO, Kristian Johansen; and CFO, Sven Børre 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 word to you, Kristian.

Kristian Kuvaas Johansen

Thank you, Bård, and welcome, everyone, to TGS' Q2 2025 earnings release. I'm going to hit the highlights right away and I'm going to start with 2 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 7 to 10 days of any given quarter....

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