Norwegian seismic giant TGS sees positive momentum in the acquisition business, strong development in the digital energy solutions business, and has an optimistic outlook for 2024.

Company chief executive Kristian Johansen on Tuesday highlighted a 21% increase in the contract backlog going into 2024 compared to a year earlier and a promising pipeline of further business opportunities.

Despite an annual revenue growth of 14% in 2023, TGS expressed disappointment with sales in the fourth quarter.