Q1 2024 Revenue Update
OSLO, Norway (9 April 2024) - Based on
preliminary reporting from operating units, management of TGS ASA
("TGS") expects IFRS revenues for Q1 2024 to be approximately USD
152 million, compared to USD 173 million in Q1 2023.
POC revenues* are expected to be approximately USD 227 million,
compared to USD 229 million in Q1 2023.
POC multi-client revenues are estimated at approximately USD 150
million versus USD 143 million in Q1 2023, with early sales of USD
78 million, down from USD 98 million in Q1 2023, and late sales of
approximately USD 72 million, up from USD 46 million in Q1 2023.
Multi-client investments were approximately USD 67 million,
compared to USD 133 million in Q1 2023.
Proprietary revenues are expected to be USD 77 million versus
USD 86 million in Q1 2023.
“We are pleased to see that late sales of completed multi-client
data in Q1 2024 showed 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 is expected to close in the latter part of Q2
2024, TGS will be 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.TGS will
release its Q1 2024 results at approximately 07:00am CEST on 8 May
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.
Adjustments between preliminary IFRS and Segment revenue numbers
for Q1 2024:
Preliminary reported IFRS revenue: USD 152 million- Revenue
recognized from performance obligations met during Q1 for
completedprojects: USD 3 million+ Revenue recognized under POC
during Q1: USD 78 million= Preliminary reported POC revenue: USD
227 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 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.
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