TGS announces Q3 2024 results
October 24 2024 - 1:00AM
UK Regulatory
TGS announces Q3 2024 results
OSLO, Norway (24 October 2024) - TGS today
reports interim financial results for Q3 2024.
Financial highlights:
- Merger with PGS completed on 1 July 2024 – Q3 2024 first
quarter including PGS
- Strong multi-client sales driven by a combination of solid
pre-commitments for new investments and increased sales of existing
data supported by material transfer fees
- Record-high OBN contract activity – utilization of streamer
fleet improving on high bid activity
- Continued growth in New Energy Solutions
- Full-year pro-forma organic multi-client investments lowered to
USD 425-450 million as certain projects have been deferred into
2025
- Order inflow of USD 423 million during Q3 2024 – total produced
backlog of USD 750 million
- Significant upgrades of credit ratings by S&P and
Moody’s
- Robust balance sheet allows for continued dividend payment -
USD 0.14 per share to be paid in Q4 2024
“Q3 2024 was the first quarter after completion of
the TGS-PGS merger, and I am pleased to report revenues of half a
billion dollars. We have completed the merger reorganization
process, and we are ahead of schedule in realizing annual synergies
of between USD 110 and 130 million. Strong multi-client revenues in
the quarter were driven by a combination of robust pre-commitments
to ongoing programs and strong library sales supported by material
transfer fees. Further, we achieved record high utilization of our
OBN crews, and the business continues its strong performance among
a production-oriented client base. Although the utilization of the
3D streamer fleet has been lower than expected so far this year, we
are on a positive trend based on ongoing negotiations and
tenders. Finally, I’m pleased to see that our solid balance
sheet and sound financial policy has prompted substantial upgrades
to the credit ratings by both Moody’s and S&P which puts us in
good position to refinance the debt structure at attractive terms,”
says Kristian Johansen, CEO of TGS.
Management presentation
CEO Kristian Johansen and CFO Sven Børre Larsen will present the
results at 09:00 a.m. CEST at House of Oslo, Ruseløkkveien 34 in
Oslo, Norway. The presentation is open to the public and will be
webcasted live.
Access and registration for webcast attendees are available by
copying and pasting the link below into your browser, or use the
link on the front page of www.tgs.com:
https://channel.royalcast.com/landingpage/hegnarmedia/20241024_5/
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:
Bård Stenberg
Vice President IR & Communication
Tel: +47 992 45 235
E-mail: investor@tgs.com
About TGS
TGS provides advanced data and intelligence to companies active in
the energy sector. With leading-edge technology and solutions
spanning the entire energy value chain, TGS offers a comprehensive
range of insights to help clients make better decisions. Our broad
range of products and advanced data technologies, coupled with a
global, extensive and diverse energy data library, make TGS a
trusted partner in supporting the exploration and production of
energy resources worldwide. For further information, please visit
www.tgs.com (https://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.
- Q3 2024 Earnings Release
- Q3 2024 Presentation
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