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TGS Announces Q2 2022 Results

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OSLO, Norway (21 July 2022) - TGS today reported interim financial results for Q2 2022.

Total revenue amounted to USD 230 million in Q2 2022 versus USD 72 million in Q2 2021. EBITDA was USD 197 million, and the operating result was USD 31 million, compared to USD 50 million and USD -15 million, respectively, in Q2 2021.

Percentage-of-completion (PoC) revenue (1) amounted to USD 136 million in Q2 2022, a significant increase from USD 54 million in Q2 2021.

Free cash flow (2) amounted to USD 59 million in Q2 2022, compared to USD 13 million in Q2 2021. After dividend payment of USD 16 million, the cash balance totaled USD 255 million on 30 June 2022 versus USD 223 million a year earlier.

The solid financial position allows TGS to maintain the quarterly dividend at USD 0.14 (NOK 1.39) per share in Q2 2022, as well as providing flexibility to execute the strategic M&A transactions announced in early July 2022.

“Q2 2022 was another solid quarter with late sales increasing 222%, driven by a further improvement of activity in frontier areas and transfer fees. With a quarter-end cash balance of approximately USD 255 million in addition to an undrawn revolving credit facility of USD 100 million, we have a solid financial position that can comfortably fund the exciting M&A transactions recently announced,” says Kristian Johansen, CEO of TGS. 

A live webcast of the results and business update, featuring CEO Kristian Johansen, CFO Sven Børre Larsen and EVP Digital Energy Solutions Jan Schoolmeesters, will be broadcasted today at 9:00 am CEST.

Access and registration for online attendees is available by copying and pasting
this link into your browser:
https://channel.royalcast.com/landingpage/hegnarmedia/20220721_3/

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 Q2 2022:
IFRS reported revenue: USD 230 million
- Revenue recognized from performance obligations met during Q2 for completed projects: USD 127 million
+ Revenue recognized under PoC during Q2: USD 33 million
= PoC reported revenue: USD 136 million

2 - Defined as Cash flow from operations after organic investments in the multi-client library.

About TGS
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 advanced processing and analytics alongside cloud-based data applications and solutions.

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 TGS' reliance on a cyclical industry and principal customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data product at costs commensurate with profitability, as well as volatile market conditions, which have been exacerbated by the COVID-19 pandemic and the severe drop in oil prices. 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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