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TGS Announces Q1 2024 Results

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OSLO, Norway (8 May 2024) - TGS today reported interim financial results for Q1 2024.

The quarter reflected a strong development in multi-client late sales and high POC early sales rate, resulting in solid profitability in POC financials.

Financial highlights:

  • POC revenues (1) were USD 227 million compared to USD 229 million in Q1 2023
  • POC EBITDA of USD 143 million versus USD 119 million in Q1 2023
  • POC operating result was USD 40 million compared to USD 25 million in Q1 2023
  • Contract inflow of USD 140 million during Q1 2024 compared to USD 248 million in Q1 2023 – total POC order backlog including Acquisition of USD 459 million
  • Strong development in multi-client late sales, up 58% year-over-year
  • Dividend of USD 0.14 (NOK 1.52) per share to be paid in Q2 2024
  • IFRS revenues (1) of USD 152 million versus USD 173 million in Q1 2023
  • IFRS EPS (fully diluted) of USD -0.13 versus USD -0.07 in Q1 2023

“We are pleased to see late sales of completed multi-client data in Q1 2024 showing good progress both compared to the preceding quarter and the same quarter of last year. Further, we saw strong sales of surveys in the work-in-progress phase, supporting the early sales rate of approximately 116% in the quarter. We continue to show good operating performance in our OBN business, although the activity level, as expected, remained seasonally low in Q1 2024. The strong start to the year, combined with a continued tight global oil market and increasing exploration ambitions among our customers makes me optimistic for the remainder of the year. With the PGS merger, which we expect to close on or around 1 July 2024, TGS will be perfectly positioned to support our customers’ exploration ambitions and capitalize on what we think will be a multi-year upcycle,” says Kristian Johansen, CEO of TGS. 

Management Webcast Presentation
CEO Kristian Johansen and CFO Sven Børre Larsen will present the Q1 2024 results at 09:00 CET at House of Oslo, Ruseløkkveien 34, Oslo, Norway. The presentation is open to the public and can be followed live on the Internet.

Access and registration for online attendees are available by copying and pasting this link into your browser:
https://channel.royalcast.com/landingpage/hegnarmedia/20240508_16/

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 Larsen
CFO
Tel: +47 90 94 36 73
E-mail: investor@tgs.com

Notes
1 - 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 Q1 2024:

IFRS reported revenue: USD 152 million
- Revenue recognized from performance obligations met during Q1 2024 for completed projects: USD 3 million
+ Revenue recognized under POC during Q1 2024: USD 78 million
= POC reported revenue: USD 227 million

Adjustments between IFRS and POC revenue numbers for Q1 2023:

IFRS reported revenue: USD 173 million
- Revenue recognized from performance obligations met during Q1 2023 for completed projects: USD 42 million
+ Revenue recognized under POC during Q1 2023: USD 98 million
= POC reported revenue: USD 229 million

Company Summary
TGS 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 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.

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