TGS Q4 2021 Revenue Update
OSLO, Norway (10 January 2022) - Based on preliminary reporting from operating units, TGS management expects net segment revenues* for the fourth quarter of 2021 to be approximately USD 119 million, compared to USD 120 million Q4 2020. Net IFRS revenues* are expected to be approximately USD 105 million, compared to USD 143 million in Q4 2020.
Kristian Johansen, CEO at TGS, commented: “We experienced a stronger than normal seasonal uptick in sales in Q4, mainly driven by a solid performance by the U.S. Gulf of Mexico portfolio. Together with the improved order inflow seen over the past few months, this serves as an indication of a slowly improving market. I am also pleased to see that the strong cash generation continues. Cash flow before dividends, buy-backs and inorganic data purchases amounted to approximately USD 44 million in the quarter, resulting in a cash balance of approximately USD 215 million at year-end”.
TGS will release the interim Q4 2021 financial statement on 10 February 2022.
*For the purpose of Segment reporting, 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.
Adjustments between preliminary IFRS and Segment revenue numbers for Q4 2021:
Preliminary IFRS reported revenue: USD 105 million
- Revenue recognized from performance obligations met during Q4 for completed projects: USD 40 million
+ Revenue recognized under POC during Q4: USD 54 million
= Preliminary net segment reported revenue: USD 119 million
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.
For further information, please contact:
Sven Børre Larsen
Tel.: +47 90 94 36 73
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Mainz Biomed and Dante Genomics Announce Full Commercial Availability of ColoAlert in Italy and the United Arab Emirates16.8.2022 09:01:00 CEST | Press release
– ColoAlert to be marketed through Dante’s extensive database and sold via its region-specific, ecommerce websites – BERKELEY, Calif. and MAINZ, Germany and NEW YORK, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Mainz Biomed N.V. (NASDAQ:MYNZ) (“Mainz'' or the “Company”), a molecular genetics diagnostic company specializing in the early detection of cancer, and Dante Genomics, a global leader in genomics and precision medicine, announced today the formal commencement of ColoAlert’s consumer commercial program in Italy and the United Arab Emirates (UAE). ColoAlert is Mainz’s flagship product, a highly efficacious and easy to use, at-home detection test for colorectal cancer (CRC) currently being commercialized across Europe and select international markets. With the ColoAlert test CE-IVD certified and patient collection kit CE marked to the latest IVDR requirements, ColoAlert will now be marketed through Dante’s extensive database and sold via Dante’s, region-specific, ecommerce websites. “This is
Cody Patrick Named OEM Direct Sales Manager for Nikkiso Clean Energy and Industrial Gases Group16.8.2022 09:01:00 CEST | Press release
TEMECULA, Calif., Aug. 16, 2022 (GLOBE NEWSWIRE) -- Nikkiso Cryogenic Industries’ Clean Energy & Industrial Gases Group (“Group”), a part of the Nikkiso Co., Ltd (Japan) group of companies, is pleased to announce that Cody Patrick has been named OEM Direct Sales Manager for Nikkiso ACD, a part of the Cryogenic Pumps unit of Nikkiso’s Clean Energy & Industrial Gases Group. Cody is a graduate of Texas A&M College of Engineering’s Industrial Distribution program. The combination of his education and experience with Cryogenic pumps for the industrial gases market, make him well suited to assist with growing the U.S. market. He will manage and develop business strategies and opportunities as well as assist with the development of training and educational programs for the Group’s clients. Cody will be based in Houston and report to Ian Guthrie, Business Line Manager for the Group’s Cryogenic Pumps unit. “Given Cody’s enthusiasm and understanding of the cryogenic pumps market we are excited t
Ahold Delhaize share buyback update16.8.2022 08:00:00 CEST | Press release
Zaandam, the Netherlands, August16, 2022 – Ahold Delhaize has repurchased 254,408 of its common shares in the period from August 8, 2022 up to and including August 12, 2022. The shares were repurchased at an average price of € 27.21 per share for a total consideration of € 6.9 million. These repurchases were made as part of the € 1 billion share buyback program announced on November 15, 2021. The total number of shares repurchased under this program to date is 20,621,088 common shares for a total consideration of € 561.6 million. Download the share buyback transactions excel sheet for detailed individual transaction information from https://www.aholddelhaize.com/en/investors/share-buyback-programs/2022/ This press release is issued in connection with the disclosure and reporting obligation set out in Article 2(2) of the EU Regulation that contains technical standards for buyback programs.
Sanionas Kv7-program för epilepsi avanceras till leadoptimering16.8.2022 08:00:00 CEST | Pressemelding
PRESSMEDDELANDE 16 augusti 2022 Saniona (OMX: SANION), ett biofarmaceutiskt företag med klinisk utveckling, meddelar idag att bolaget har avancerat sitt lovande Kv7-program för epilepsi till fasen leadoptimering – den sista fasen av läkemedelsupptäckt innan en klinisk kandidat väljs ut. Thomas Feldthus, VD: ”Vi tror att vi har löst knäckfrågorna för att utveckla nästa generation av läkemedelskandidater av den här klassen, och vi ser en betydande potential att ta fram nya banbrytande epilepsibehandlingar. Finansiellt kan uppsidan vara avsevärd, att döma av vissa viktiga läkemedelsavtal som nyligen slutits på Kv7-området.” Miljontals människor runt om i världen påverkas i dag av epilepsi, en sjukdom som kännetecknas av återkommande krampanfall. Det medicinska behovet är stort, eftersom omkring 30 procent av patienterna inte svarar på behandling med konventionella läkemedel mot epilepsi. Läkemedel mot kramper kan desutom ha funktionshämmande biverkningar, som ofta måste minimeras genom no
Saniona progresses its Kv7 epilepsy program into Lead Optimization16.8.2022 08:00:00 CEST | Press release
PRESS RELEASE August 16, 2022 Saniona (OMX: SANION), a clinical stage biopharmaceutical company, today announced that it has progressed its promising Kv7 epilepsy program into the Lead Optimization Phase, which is the last drug discovery phase before potential selection of a clinical candidate. Thomas Feldthus, CEO: “We believe that we have cracked the main challenges for making the next generation drug candidates of this class and see significant potential for delivering new breakthrough epilepsy treatments. The financial upside could be substantial based on very significant pharma deals recently executed in the Kv7 field”. Epilepsy, characterized by recurrent seizures, currently affects millions of people worldwide. There is a significant medical need as approximately 30% of patients are insensitive to treatment by conventional epilepsy medicines. Furthermore, anti-seizure therepy may cause disabling side effects and often require careful dose adjustment to minimize these. Kv7 ion ch