TGS Announces Q3 2023 Results
26 Ottobre 2023 - 7:00AM
TGS Announces Q3 2023 Results
OSLO, Norway (26 October 2023) - TGS today
reported interim financial results for Q3 2023.
The quarter reflected a continued improvement in market
conditions, with strong growth in both POC revenues (1) and
contract inflow. 2023 multi-client investment guidance increased to
approximately USD 400 million with a minimum early sales rate of
75%.
Financial highlights:
- POC revenues (1) were USD 293 million compared to USD 119
million in Q3 2022 (+34% pro-forma including Magseis Fairfield
ASA).
- POC EBITDA of USD 170 million versus USD 80 million in Q3
2022
- POC operating result was USD 68 million compared to USD -7
million in Q3 2022.
- Multi-client contract inflow of USD 178 million during Q3 2023
compared to USD 140 million in Q3 2022 – total POC order backlog
including Acquisition of USD 475 million
- Favorable margin development driven by good operational
performance in Acquisition, realization of cost synergies and
strong cost discipline
- Dividend of USD 0.14 (NOK 1.56) per share to be paid in Q4
2023
- IFRS revenues (1) of USD 225 million versus USD 135 million in
Q3 2022
- IFRS EPS (fully diluted) of USD 0.13 versus USD -0.02 in Q3
2022
“We are pleased to present a Q3 2023 report that is strong on
all parameters. POC revenues are up 34% y/y (pro-forma), driven by
robust performance in all business areas. Moreover, excellent
operating performance and tight cost control leads to a healthy
operating margin of 23%. Finally, cash flow was solid during the
quarter, with a free cash flow of USD 45 million, further enhancing
the balance sheet ahead of the announced acquisition of PGS. With
leading exposure across the energy data value chain, TGS is well
positioned to continue benefitting from the expected market growth
going forward.” says Kristian Johansen, CEO of TGS.
Management webcast presentationTGS will release
its Q3 2023 results at approximately CEST 07:00 am on 26 October
2023. CEO Kristian Johansen and CFO Sven Børre Larsen will present
the results at CEST 09:00 am during a live presentation and
webcast. The presentation will take place at House of Oslo,
Ruseløkkveien 34, 0251 Oslo.
The webcast can be followed online via this link:
https://channel.royalcast.com/landingpage/hegnarmedia/20231026_7/
A recorded version of the entire presentation will be available
on TGS.com (http://www.tgs.com) after the live event.
For more information, visit TGS.com (http://www.tgs.com) or
contact:
Sven Børre LarsenCFOTel: +47 90 94 36 73E-mail:
investor@tgs.com
Notes1 - Percentage-of-completion (POC)
revenue:PoC revenue are measured by applying the
percentage-of-completion method to Early sales, added to Late sales
and Proprietary sales. This is based on the principles applied
prior to the implementation of IFRS 15, Revenue from Customer
Contracts, on 1 January 2018.
Adjustments between IFRS and POC revenue numbers for Q3
2023:
IFRS reported revenue: USD 225 million- Revenue recognized from
performance obligations met during Q3 2023 for completed projects:
USD 21 million+ Revenue recognized under POC during Q3 2023: USD 88
million= POC reported revenue: USD 293 million
Adjustments between IFRS and POC revenue numbers for Q3
2022:
IFRS reported revenue: USD 135 million- Revenue recognized from
performance obligations met during Q3 2022 for completed projects:
USD 55 million+ Revenue recognized under POC during Q3 2022: USD 39
million= POC reported revenue: USD 118 million
Company SummaryTGS provides scientific data and
intelligence to companies active in the energy sector. In addition
to a global, extensive and diverse energy data library, TGS offers
specialized services such as Ocean Bottom Node (OBN) data
acquisition, advanced processing and analytics alongside
cloud-based data applications and solutions. For more information,
visit TGS online at www.tgs.com.
Forward Looking StatementAll statements in this
press release other than statements of historical fact are
forward-looking statements, which are subject to a number of risks,
uncertainties and assumptions that are difficult to predict and are
based upon assumptions as to future events that may not prove
accurate. These factors include volatile market conditions,
investment opportunities in new and existing markets, demand for
licensing of data within the energy industry, operational
challenges, and reliance on a cyclical industry and principal
customers. Actual results may differ materially from those expected
or projected in the forward-looking statements. TGS undertakes no
responsibility or obligation to update or alter forward-looking
statements for any reason.
- TGS Q3 2023 Earnings Release
- TGS Q3 2023 Presentation
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