TGS ASA
Sector unknown·TGS · Oslo Børs·Fiscal year to 31/12/2024
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Natural gas
Raw materials and inputs
DriverPositive impact: strengthens
“With approximately 30 percent of our revenues linked to production activities we have improved our resilience. However, exploration remains important for our business and mid- to longer term we expect increased investments in exploration to replace existing reserves and meet future energy demand.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“License rounds serve as important sales triggers for our multi-client library and guide long-term investment decisions for new 2D and 3D data. The geographical diversity and unique positioning of our global multi-client library enables us to benefit from license rounds around the world.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“The OBN market showed robust performance in 2024, with a significant increase in activity and utilization in the second half of the year. Streamer contract activity remained at a flat level compared to the average in 2023.”
Annual report 2024A · The company itself
DriverMixed impact: mixed
“2828 Board of DirectorsBoard of Directors Board of Directors | Board of Directors’ reportBoard of Directors | Board of Directors’ report Risk management and internal control TGS’ activities are heavily dependent on the capital spending budgets of E&P companies in the oil and gas industry. These budgets are, in turn, largely a function of actual and/or expected shifts in oil and gas prices. Consequently, TGS’ activities, opportunities and profitability are linked to the fluctuations in these prices.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“As global economic growth continues, energy demand is projected to rise in the coming decades. However, the adoption of alternative energy sources is not progressing quickly enough to achieve ambitious transition goals. As a result, oil and gas will remain a significant component of the global energy mix for the foreseeable future.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“The swift decline of existing oil and gas reserves, coupled with challenges such as high costs, significant environmental concerns, and political and regulatory risks tied to undeveloped reserves in many regions, highlights the ongoing need for exploration efforts in both established and emerging basins. High-quality subsurface data is crucial for enhanced production from existing fields and for carrying out successful exploration campaigns in both mature and unexplored regions.”
Annual report 2024A · The company itself
Market
“We initiate, acquire, process, market and sell energy data to multiple customers on a non-exclusive basis (multiclient). We either own or have exclusive licensing rights to the data and sell these to customers under license agreements.”
Annual report 2024A · The company itself
Market
“We are a leading integrated energy data and services provider, offering advanced technology and solutions across the energy value chain. With a global, diverse data library and acquisition capabilities, TGS empowers clients to make informed decisions, supporting energy exploration and production worldwide.”
Annual report 2024A · The company itself
Market
“TGS’ business is organized in the following segments: • Contract: Acquires proprietary OBN and towed streamer data for clients with leading edge acquisition technologies and stateof-the-art equipment. • Multi-client: Initiates, acquires, markets and sells energy data to multiple customers on a non-exclusive basis (multi-client).”
Annual report 2024A · The company itself
Market
“Nearly all of TGS’ OBN activities and around 40 percent of its streamer acquisition contracts are focused on enhancing existing oil and gas production (4D) or facilitating potential tiebacks from nearby fields.”
Annual report 2024A · The company itself
Market
“Our business activities are organized in the following segments: Imaging Contract Through our Contract business segment, we acquire and deliver proprietary seismic data to energy companies for their exclusive ownership and use. We meet the customers’ requirements for efficient acquisition and cost-effective delivery of high-quality energy data, while maintaining safe and environmentally sound operations.”
Annual report 2024A · The company itself
Market
“TGS MultiBeam and SeaSeep TGS 2D Cubed TGS MC2D The world’s largest Global Data Library Our primary business provides energy data and intelligence to companies and investors across energy markets.”
Annual report 2024A · The company itself
Market
“TGS ASA and its subsidiaries (“TGS” or the “Group”) provide advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions.”
Annual report 2024A · The company itself
Oil
Raw materials and inputs
DriverPositive impact: strengthens
“With approximately 30 percent of our revenues linked to production activities we have improved our resilience. However, exploration remains important for our business and mid- to longer term we expect increased investments in exploration to replace existing reserves and meet future energy demand.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“License rounds serve as important sales triggers for our multi-client library and guide long-term investment decisions for new 2D and 3D data. The geographical diversity and unique positioning of our global multi-client library enables us to benefit from license rounds around the world.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“The OBN market showed robust performance in 2024, with a significant increase in activity and utilization in the second half of the year. Streamer contract activity remained at a flat level compared to the average in 2023.”
Annual report 2024A · The company itself
DriverMixed impact: mixed
“2828 Board of DirectorsBoard of Directors Board of Directors | Board of Directors’ reportBoard of Directors | Board of Directors’ report Risk management and internal control TGS’ activities are heavily dependent on the capital spending budgets of E&P companies in the oil and gas industry. These budgets are, in turn, largely a function of actual and/or expected shifts in oil and gas prices. Consequently, TGS’ activities, opportunities and profitability are linked to the fluctuations in these prices.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“As global economic growth continues, energy demand is projected to rise in the coming decades. However, the adoption of alternative energy sources is not progressing quickly enough to achieve ambitious transition goals. As a result, oil and gas will remain a significant component of the global energy mix for the foreseeable future.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“The swift decline of existing oil and gas reserves, coupled with challenges such as high costs, significant environmental concerns, and political and regulatory risks tied to undeveloped reserves in many regions, highlights the ongoing need for exploration efforts in both established and emerging basins. High-quality subsurface data is crucial for enhanced production from existing fields and for carrying out successful exploration campaigns in both mature and unexplored regions.”
Annual report 2024A · The company itself
Market
“We initiate, acquire, process, market and sell energy data to multiple customers on a non-exclusive basis (multiclient). We either own or have exclusive licensing rights to the data and sell these to customers under license agreements.”
Annual report 2024A · The company itself
Market
“We are a leading integrated energy data and services provider, offering advanced technology and solutions across the energy value chain. With a global, diverse data library and acquisition capabilities, TGS empowers clients to make informed decisions, supporting energy exploration and production worldwide.”
Annual report 2024A · The company itself
Market
“TGS’ business is organized in the following segments: • Contract: Acquires proprietary OBN and towed streamer data for clients with leading edge acquisition technologies and stateof-the-art equipment. • Multi-client: Initiates, acquires, markets and sells energy data to multiple customers on a non-exclusive basis (multi-client).”
Annual report 2024A · The company itself
Market
“Nearly all of TGS’ OBN activities and around 40 percent of its streamer acquisition contracts are focused on enhancing existing oil and gas production (4D) or facilitating potential tiebacks from nearby fields.”
Annual report 2024A · The company itself
Market
“Our business activities are organized in the following segments: Imaging Contract Through our Contract business segment, we acquire and deliver proprietary seismic data to energy companies for their exclusive ownership and use. We meet the customers’ requirements for efficient acquisition and cost-effective delivery of high-quality energy data, while maintaining safe and environmentally sound operations.”
Annual report 2024A · The company itself
Market
“TGS MultiBeam and SeaSeep TGS 2D Cubed TGS MC2D The world’s largest Global Data Library Our primary business provides energy data and intelligence to companies and investors across energy markets.”
Annual report 2024A · The company itself
Market
“TGS ASA and its subsidiaries (“TGS” or the “Group”) provide advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions.”
Annual report 2024A · The company itself
Chains out: this strengthens Plastics and polymers
Wind power
Technology
StrategyPositive impact: strengthens
“Through a combination of organic and inorganic growth, our NES business segment has been established as a provider of market intelligence, data acquisition and integrated solutions, to energy transition related markets, such as offshore wind, solar and carbon storage. Through the acquisition of 4C Offshore Ltd. in 2021, we established TGS as a leading provider of market intelligence data for the offshore wind industry, in addition to providing cable consultancy and bespoke report services.”
Annual report 2024A · The company itself
Market
“Our extensive data library includes seismic data, magnetic and gravity data, multi-beam and coring, digital well logs and Ratio is measured on produced accounting principles (segment information) production data, wind energy data, data to identify carbon storage opportunities and other data related to the renewables sector. This rapid access to high quality seismic data enables oil companies to assess subsurface risks before applying for licenses over open acreage, support drilling decisions or guide nearfield exploration efforts in more mature areas.”
Annual report 2024A · The company itself
Market
“For offshore wind projects we provide crucial wind and metocean data, using both the multi-client and proprietary business models. Both the imaging solutions using our multi-client data, and the wind and metocean offering, allow our clients to significantly reduce invest decision risks early in the project life cycle.”
Annual report 2024A · The company itself
Market
“We provide valuable market intelligence, data acquisition and integrated solutions for our clients in the CCUS, offshore wind and solar markets.”
Annual report 2024A · The company itself
Market
“In addition to seismic data, TGS’ multi-client library includes several other types of geoscience data, such as gravity, magnetics, seep, geothermal, electromagnetic, multibeam and well data. • New Energy Solutions (NES): Provides market intelligence, data acquisition and integrated solutions, for TGS’ clients in the CCUS, offshore wind and solar markets.”
Annual report 2024A · The company itself
Market
“The development of the NES business segment has extended our exposure beyond oil and gas, to include renewable energy and CCUS.”
Annual report 2024A · The company itself
Market
“New Energy Solutions activities New Energy Solutions (NES) provides data and data-driven solutions to companies active within renewable energy and CCUS. The majority of the revenues are generated through service contracts, while there is a certain amount of subscription revenues and licensing of data owned by TGS that is recorded as multi-client sales.”
Annual report 2024A · The company itself
Market
“Additionally, the New Energy Solutions business provides valuable exposure to fast-growing sectors, including solar energy, offshore wind energy, and CCUS.”
Annual report 2024A · The company itself
Chains in: Interest rates weakens, Energy security strengthens
Chains out: this strengthens Steel, strengthens Rare earths and critical raw materials, strengthens Renewables auctions and subsidies, strengthens Power grid expansion
Artificial intelligence
Technology
DriverPositive impact: strengthens
“There is significant potential in adopting artificial intelligence and machine learning techniques both for generating more business opportunities, by extracting more knowledge out of existing data, and by making key processes more cost and time efficient.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Many of the imaging technologies applied are developed and refined in-house by a highly qualified employee base. We are increasingly using artificial intelligence and machine learning techniques to continuously improve the technology and reduce time-to-market.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“We are building Resilience by continuing diversification into new energy markets, setting new standards for HSE and sustainability, and maintaining a strong balance sheet, cost efficiency and scalability. TGS is accelerating Knowledge by developing technology across the value chain, extracting incremental information from AI applications, and being the preferred employer in the energy data industry.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Beyond our robust operational and financial performance, we made significant progress in our technology developments. We announced a four-year license agreement with Shell for our Imaging AnyWare software suite, which opens opportunities for strategic collaboration and underscores our commitment to leveraging advanced technology to enhance data processing and analytical capabilities.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Finally, we are licensing our proprietary imaging software, Imaging AnyWare TM to third parties. In 2024 we entered into a long-term agreement with Shell for licensing and further development of Imaging AnyWare TM .”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“By increasingly leveraging machine learning, high performance compute, cloud-based applications and strategic partnerships, we deliver superior data solutions and insights. TGS remains at the forefront, driving visionary excellence in the energy industry.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Knowledge and technology are building blocks for creating long-term growth potential. We want to lead technology development from acquisition to imaging to reservoir characterization.”
Annual report 2024A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Solar power
Technology
StrategyPositive impact: strengthens
“In 2022 we acquired Prediktor AS, where we offer asset management solutions through our PowerView asset management software to optimize plant and portfolio performance for utility-scale solar.”
Annual report 2024A · The company itself
Market
“Our extensive data library includes seismic data, magnetic and gravity data, multi-beam and coring, digital well logs and Ratio is measured on produced accounting principles (segment information) production data, wind energy data, data to identify carbon storage opportunities and other data related to the renewables sector. This rapid access to high quality seismic data enables oil companies to assess subsurface risks before applying for licenses over open acreage, support drilling decisions or guide nearfield exploration efforts in more mature areas.”
Annual report 2024A · The company itself
Market
“We provide valuable market intelligence, data acquisition and integrated solutions for our clients in the CCUS, offshore wind and solar markets.”
Annual report 2024A · The company itself
Market
“In addition to seismic data, TGS’ multi-client library includes several other types of geoscience data, such as gravity, magnetics, seep, geothermal, electromagnetic, multibeam and well data. • New Energy Solutions (NES): Provides market intelligence, data acquisition and integrated solutions, for TGS’ clients in the CCUS, offshore wind and solar markets.”
Annual report 2024A · The company itself
Market
“The development of the NES business segment has extended our exposure beyond oil and gas, to include renewable energy and CCUS.”
Annual report 2024A · The company itself
Market
“New Energy Solutions activities New Energy Solutions (NES) provides data and data-driven solutions to companies active within renewable energy and CCUS. The majority of the revenues are generated through service contracts, while there is a certain amount of subscription revenues and licensing of data owned by TGS that is recorded as multi-client sales.”
Annual report 2024A · The company itself
Market
“Additionally, the New Energy Solutions business provides valuable exposure to fast-growing sectors, including solar energy, offshore wind energy, and CCUS.”
Annual report 2024A · The company itself
Automation and robotics
Technology
StrategyPositive impact: strengthens
“Many of the imaging technologies applied are developed and refined in-house by a highly qualified employee base. We are increasingly using artificial intelligence and machine learning techniques to continuously improve the technology and reduce time-to-market.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“We have identified integration synergies in the range of USD 110-130 million. The main items include personnel cost savings, refinancing debt to reduce interest expenses, improved vessel utilization from a larger and high-graded multi-client portfolio, and other costs such as office co-location, consolidated data management solutions and implementation of a more efficient ERP system.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“By increasingly leveraging machine learning, high performance compute, cloud-based applications and strategic partnerships, we deliver superior data solutions and insights. TGS remains at the forefront, driving visionary excellence in the energy industry.”
Annual report 2024A · The company itself
Business cycle and GDP growth
Macro
DriverPositive impact: strengthens
“Looking ahead, strong capital discipline among energy companies is expected to continue as the upcycle extends. Offshore spending is projected to increase slightly in 2025, making it a more favorable segment than the overall plateauing E&P investment level.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Acknowledging the cyclical nature of the energy data industry, it is important to run a resilient business that is robust independent of market conditions with the ability to capitalize on changing market conditions. The key components of a resilient business are a horizontally and vertically integrated offering, a flexible and scalable cost structure and a solid balance sheet.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Under TGS’ business model, discretionary investments in new multi-client projects and capital expenditures related to assets are the largest use of the Group’s cash. These investments can relatively quickly be scaled down if market conditions worsen, thus reducing negative impacts on the Group’s cash flow.”
Annual report 2024A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Batteries and energy storage
Technology
Market
“Our extensive data library includes seismic data, magnetic and gravity data, multi-beam and coring, digital well logs and Ratio is measured on produced accounting principles (segment information) production data, wind energy data, data to identify carbon storage opportunities and other data related to the renewables sector. This rapid access to high quality seismic data enables oil companies to assess subsurface risks before applying for licenses over open acreage, support drilling decisions or guide nearfield exploration efforts in more mature areas.”
Annual report 2024A · The company itself
Market
“We provide valuable market intelligence, data acquisition and integrated solutions for our clients in the CCUS, offshore wind and solar markets.”
Annual report 2024A · The company itself
Data centres
Technology
InputNegative impact: weakens
“As imaging of seismic data is compute intensive, we control substantial high-performance computing capacity, partly through capacity on our own premises and increasingly through frame agreements with external cloud vendors. This provides us with unconstrained scalability and allows us to run several advanced data processing workstreams in parallel, at the same time as it reduces capital intensity and unit costs.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“By increasingly leveraging machine learning, high performance compute, cloud-based applications and strategic partnerships, we deliver superior data solutions and insights. TGS remains at the forefront, driving visionary excellence in the energy industry.”
Annual report 2024A · The company itself
Chains in: Artificial intelligence strengthens
Chains out: this strengthens Electricity, strengthens Copper
IT operations and cloud
Raw materials and inputs
InputNegative impact: weakens
“As imaging of seismic data is compute intensive, we control substantial high-performance computing capacity, partly through capacity on our own premises and increasingly through frame agreements with external cloud vendors. This provides us with unconstrained scalability and allows us to run several advanced data processing workstreams in parallel, at the same time as it reduces capital intensity and unit costs.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“We have identified integration synergies in the range of USD 110-130 million. The main items include personnel cost savings, refinancing debt to reduce interest expenses, improved vessel utilization from a larger and high-graded multi-client portfolio, and other costs such as office co-location, consolidated data management solutions and implementation of a more efficient ERP system.”
Annual report 2024A · The company itself
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“The acquisitions of Magseis Fairfield and PGS has not only established TGS as the only fully integrated player in the global market for geophysical and geological services but has created a more diversified business covering a larger part of our clients’ value chain. While TGS historically was mostly exposed to the exploration phase, the Group now estimates that approximately 30 percent of revenues comes from production activities, through 4D seismic.”
Annual report 2024A · The company itself
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“As a leading provider of ocean bottom node and streamer data acquisition services through the Contract segment, TGS is exposed to operational risks, such as bad weather, water currents, equipment failure and accidents.”
Annual report 2024A · The company itself
Chains out: this weakens Agriculture and food production
Interest rates
Macro
DriverPositive impact: strengthens
“We initially guided a synergy run rate of approximately USD 60 million by the end of 2024 and the full amount by the end of 2025. We are well ahead of plan with a swift and successful people process and early refinancing.”
Annual report 2024A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
USD vs DKK/EUR
Macro
DriverNegative impact: weakens
“TGS is exposed to financial risks such as currency, liquidity and credit risk. The exposure to currency risk is low as most of revenues, costs and capital expenditure are in USD. However, some monetary assets and liabilities are denominated in other currencies, mainly NOK, GBP and BRL.”
Annual report 2024A · The company itself
Chains out: this mixed effect United States
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 1.32 bn USD |
| Revenue growth vs. the year before, same method | 66 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | 0.7 bn USD |
| Diluted EPS per share | 0.57 USD |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in the report's original language.