TGS ASA (tgs.ol): 2Q26 consensus beat reinforces improving seismic cycle; Buy TGS (on CL)

Research evidence excerpt

TGS ASA (tgs.ol): 2Q26 consensus beat reinforces improving seismic cycle; Buy TGS (on CL)

Goldman Sachs TGS ASA (TGS.OL)

Valuation

TGS has delivered solid share price performance recently (+c.47% since January 2026 vs

STOXX 600 +9%), driven by a combination of cyclical recovery in exploration activity and

strong multi-client monetisation. However, despite its solid absolute performance, TGS

has underperformed both its closest peer Viridien and broader oilfield services names.

Following the merger with PGS, TGS has become a fully integrated marine seismic

company with owned acquisition capacity alongside downstream processing, imaging

and multi‑client data monetisation. Its peer group therefore reflects both operational

overlap in seismic acquisition and similar economic exposure to multi‑client data

assets, while having some differences in business mix. We view Viridien as TGS’ closest

listed peer given the shared multi-client data ownership model; however, the two have

structurally diverged, with Viridien now fully asset-light following its exit from marine

acquisition in 2020, while TGS has become more integrated post the PGS combination,

owning and operating a seismic fleet and adopting a hybrid data-and-acquisition model.

SED Energy Holdings is included as a secondary peer due to its material exposure to

marine seismic acquisition and vessel utilisation, which has become more relevant for

TGS following the PGS transaction; however, SED remains more contract‑ and

fleet‑driven, with a more asset‑intensive profile and limited downstream data

monetisation vs TGS. Fugro is included as a broader geophysical reference but is less

comparable given its predominantly project‑based, service‑oriented model and lack of

meaningful multi‑client seismic data ownership.