TGS ASA has announced its Q2 2025 financial results, highlighting several challenges that impacted its performance. The company reported that multi-client revenues were affected by postponed library data purchases and low client commitment to ongoing projects. Additionally, challenging operational conditions and lower-than-expected partner participation in certain multi-client programs negatively influenced contract revenues. During Q2 2025, TGS recorded an order inflow of USD 133 million, contributing to a total order backlog of USD 425 million. The company experienced a net cash flow of USD 11 million, a significant improvement compared to a net cash flow of USD -13 million in Q2 2024. Furthermore, TGS is maintaining a stable dividend payment of USD 0.155 per share, which will be distributed in Q3 2025. In terms of financial guidance, TGS has adjusted its gross operating expense expectations for 2025 to approximately USD 950 million, down from a previous guidance of around USD 1,000 million. This reduction is attributed to efficiency gains and optimized vessel scheduling. The company is in the process of selling the Ramform Explorer and the Ramform Valiant and plans to stack the Ramform Vanguard. Despite significant macroeconomic uncertainties and oil price volatility affecting short-term client caution, TGS remains optimistic about long-term exploration opportunities.