TGS Q3 2023 Revenue Update
09 October 2023 - 4:00PM
TGS Q3 2023 Revenue Update
OSLO, Norway (9 October 2023) - Based on
preliminary reporting from operating units, management of TGS ASA
("TGS") expects IFRS revenues for Q3 2023 to be approximately USD
225 million, compared to USD 135 million in Q3 2022.
POC revenues* are expected to be approximately USD 293 million,
up from USD 119 million in Q3 2022.
POC multi-client revenues are estimated at approximately USD 160
million, of which early sales of completed data accounted for
approximately 55%. In Q3 2022, POC multi-client revenues were USD
103 million, of which 37% was made up by early sales.
Proprietary revenues are estimated at approximately USD 133
million in Q3 2023, compared to USD 16 million in Q3 2022.
Kristian Johansen, CEO at TGS, commented: "I’m pleased to see
that all business areas and revenue streams performed strongly in
Q3 2023. POC multi-client revenues of approximately USD 160 million
are well ahead of our own expectations, driven by a combination of
high investment activity, a robust early sales rate and solid late
sales momentum. Furthermore, the Acquisition business unit (former
Magseis Fairfield) continues to deliver strong y/y growth, with
estimated revenues of USD 126 million in Q3 2023, compared to USD
99 million (pro-forma) in Q3 of last year.”
TGS will release its Q3 2023 results at approximately CEST 07:00
am on 26 October 2023. CEO Kristian Johansen and CFO Sven Børre
Larsen will present the results at CEST 09:00 am during a live
presentation and webcast. The presentation will take place at House
of Oslo, Ruseløkkveien 34, 0251 Oslo.
The webcast can be followed online via this link:
https://channel.royalcast.com/landingpage/hegnarmedia/20231026_7/
The slides from the presentation will also be available in PDF
format at both the TGS and Oslo Stock Exchange websites.
*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 Q3 2023:
Preliminary reported IFRS revenue: USD 225 million- Revenue
recognized from performance obligations met during Q3 for completed
projects: USD 21 million+ Revenue recognized under POC during Q3:
USD 88 million= Preliminary reported POC revenue: USD 293
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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