TGS：订单增长缓慢，但数据更加清晰

Restricted - External TGS.OL/TGS NOOVERWEIGHTEuropean Energy ServicesPOSITIVEPrice TargetNOK 175.00Price (02-Jun-25)NOK 84.45Potential Upside/Downside+107.2%Source: Bloomberg, Barclays ResearchEuropean Energy ServicesMick Pickup+44 (0)20 3134 6695mick.pickup@barclays.comBarclays, UKPratik Kadam+91 (0)22 6175 2301pratik.kadam@barclays.comBarclays, UK Source: Company data, Barclays researchFIGURE 2. Booked streamer work in vessel months01020304050601Q162Q163Q164Q161Q172Q173Q174Q171Q182Q18Vessel monthsQ+1Booked streamer work in vessel monthsSource: Company data; Barclays researchFIGURE 3. Historical backlog coverage0%20%40%60%80%100%120%140%160%180%1Q163Q161Q173Q171Q18%Booked streamer work in vessel monthsSource: Company data; Barclays research Seismic still warming up:The seismic industry is at a somewhat strange point in time, in ouropinion. Pricing is holding up, at acceptable levels, and activity levels are remaining constant.The industry, on the streamer side, is also highly concentrated, with just two players. Thispositions it well for the replacement of resources that is needed which is becoming ever moreapparent, in our view and ties in with our recent “What if?” scenario on oil (see What if... a multi-year bull run is on its way? 22 May 25). However, it remains a slow grind up. As its non-listedpeer, Shearwater said with its recent results “Longer term…. the oil and gas exploration andproduction industry will need to invest more in marine seismic data acquisition, processing andimaging to rebuild reserves, maintain production and ensure energy security.” However, itnoted “the visibility for the coming quarters remains low due to fewer contracts awarded for themid-year period”. This appears to be the case for TGS. Backlog is remaining robust, but notracing ahead. The longer-term picture is becoming stronger, but there no immediate rush. Westill have time to fill the back half of 2025 and we will play close attention to newsflow, but thereare risks if it remains quiet.3 Analyst(s) Certification(s):I, Mick Pickup, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subjectsecurities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specificrecommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Primary Stocks (Ticker, Date, Price)TGS(TGS.OL, 02-Jun-2025, NOK 84.45), Overweight/Positive