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 Larsen
Tel.: +47 90 94 36 73
E-mail: investor@tgs.com (mailto:investor@tgs.com)
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 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
(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 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.