OSLO, Norway (10 October 2022) - Based on preliminary reporting from operating
units, TGS management expects net revenues for Q3 2022 to be approximately USD
135 million, compared to USD 200 million in Q3 2021. Net POC revenues* are
expected to be approximately USD 119 million, compared to USD 61 million in Q3
2021.
Kristian Johansen, CEO at TGS, commented: "With approximately half of revenues
made up by late sales, the strong underlying development from the first half of
the year continued in the third quarter. Furthermore, I'm pleased to see that
cash flow remains robust. The net cash position was close to USD 200 million on
30 September, despite the proceeds for the ION and Prediktor transactions being
paid during the quarter."
TGS will release its Q3 2022 results at approximately 07:00 CEST on 27 October
2022. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results
at CEST 09:00 at House of Oslo (the auditorium), Ruseløkkveien 34, 0251 Oslo.
The presentation is open to the public and can be followed live on the internet
at www.tgs.com (http://www.tgs.com)
Access and registration for online attendees is available by copying and pasting
this link into your browser:
https://channel.royalcast.com/landingpage/hegnarmedia/20221027_9/
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 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 Q3 2022:
Preliminary IFRS reported revenue: USD 135 million
- Revenue recognized from performance obligations met during Q3 for completed
projects: USD 55 million
+ Revenue recognized under POC during Q3: USD 39 million
= Preliminary net segment reported revenue: USD 119 million
Company summary
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. For more information visit TGS
online at www.tgs.com (http://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 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. 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
CFO
Tel.: +47 90 94 36 73
E-mail: investor@tgs.com