Q2 2024 Revenue Update
OSLO, Norway (8 July 2024) - Based on
preliminary reporting from operating units, management of TGS ASA
("TGS") expects IFRS revenues for Q2 2024 to be approximately USD
224 million, compared to USD 206 million in Q2 2023.
POC revenues* are expected to be approximately USD 215 million,
compared to USD 241 million in Q2 2023.
POC multi-client revenues are estimated at approximately USD 115
million versus USD 129 million in Q2 2023, with early sales of USD
49 million, compared to USD 66 million in Q2 2023, and late sales
of approximately USD 66 million, up from USD 63 million in Q2 2023.
Multi-client investments were approximately USD 52 million,
compared to USD 86 million in Q2 2023.
Proprietary revenues are expected to be USD 100 million versus
USD 113 million in Q2 2023.
“Without any special sales events, such as licensing rounds and
transfer fees, we are satisfied with the development in
multi-client revenues in the quarter. Late sales increased by 6%
compared to the same quarter of last year and we continued to show
strong sales of ongoing surveys with an early sales rate of 94%.
Proprietary revenues increased approximately 30% sequentially and
our operational performance was solid for ongoing projects.
Furthermore, I’m pleased to see strong order inflow in our
Acquisition business in the quarter, reflecting continued growth in
demand for OBN data acquisition services. By completing the merger
with PGS on 1 July, TGS is perfectly positioned to support our
customers’ exploration ambitions and capitalize on what we think
will be a multi-year upcycle,” stated Kristian Johansen, CEO of
TGS.
The PGS acquisition was completed on 1 July 2024, meaning that
the financial results will not be reported as part of TGS until Q3
2024. Based on a preliminary assessment from PGS, POC revenues* in
Q2 2024 are expected to be approximately USD 180 million, of which
USD 100 million relates to multi-client and USD 79 million relates
to proprietary revenues (incl. Imaging). In Q2 2024, approximately
31% of the vessel capacity** was allocated to contract seismic, 27%
to multi-client, while the remaining 42% was split between
steaming, yard-stays, and standby.
TGS will release its Q2 2024 results at approximately 7:00 am
CET on 18 July 2024.
*For the purpose of POC revenues, multiclient revenues committed
prior to completion of projects are recognized on a percentage of
completion ("POC") basis. This differs from IFRS reporting, where
revenues committed prior to completion are recognized when the
customers receive access to the finished data.
** The statistics are based on eight available vessels in Q2
2024. All cold-stacked vessels are excluded from the
statistics.
Adjustments between preliminary IFRS and POC revenue numbers for
Q2 2024:
Preliminary reported IFRS revenue: USD 224 million- Revenue
recognized from performance obligations met during Q2 for
completedprojects: USD 58 million+ Revenue recognized under POC
during Q2: USD 49 million= Preliminary reported POC revenue: USD
215 million
For more information, visit TGS.com (http://www.tgs.com) or
contact:
CFO Sven Børre LarsenTel.: +47 90 94 36 73E-mail:
investor@tgs.com
Company SummaryTGS provides 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. Our broad range of products and
advanced data technologies, coupled with a global, extensive and
diverse energy data library, make TGS a trusted partner in
supporting the exploration and production of energy resources
worldwide. For further information, please
visit www.tgs.com.
Forward Looking Statement All 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.
Grafico Azioni TGS ASA (TG:TGC)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni TGS ASA (TG:TGC)
Storico
Da Gen 2024 a Gen 2025