TGS Sees Surge in Multi-Client Seismic Activity Amid Geopolitical Uncertainty
Event summary
- TGS reported a 91% streamer utilization rate in Q1 2026, up from 79% in Q4 2025.
- Multi-client seismic activity absorbed 65% of streamer vessel capacity, driven by large projects in the Equatorial Margin and Pelotas Basin.
- OBN crew count for multi-client projects increased to 1.5 in Q1 2026 from 0.2 in Q1 2025.
- Multi-client investment expected to reach $178M in Q1 2026, up from $129.7M in Q1 2025.
The big picture
TGS's strong Q1 performance reflects increased demand for multi-client seismic data as energy companies seek to replace reserves. The geopolitical situation in the Middle East may create short-term uncertainty but is expected to drive longer-term exploration investments. The company's ability to secure funding for large projects will be critical to maintaining this momentum.
What we're watching
- Funding Timing
- Whether delayed funding commitments for large surveys will materialize before project completion.
- Geopolitical Impact
- How Middle East tensions may affect long-term exploration investment decisions.
- Multi-Client Demand
- The pace at which multi-client seismic activity will sustain current high utilization rates.
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