TGS Q4 2023 Revenue Update
09 Enero 2024 - 12:00AM
TGS Q4 2023 Revenue Update
OSLO, Norway (9 January 2024) - Based on
preliminary reporting from operating units, management of TGS ASA
("TGS") expects IFRS revenues for Q4 2023 to be approximately USD
189 million, compared to USD 219 million in Q4 2022.
POC revenues* are expected to be approximately USD 205 million,
compared to USD 227 million in Q4 2022.
Proprietary revenues are expected to be USD 88 million, up from
USD 60 million in Q4 2022.
POC multi-client revenues are estimated at approximately USD 118
million, down from USD 167 million in Q4 2022, with early sales of
USD 59 million, up from USD 31 million in Q4 2022, and late sales
of approximately USD 59 million, compared to USD 137 million in Q4
2022.
This results in POC revenues of USD 968 million for the full
year of 2023, a growth of 14% compared to pro-forma POC revenues
(incl. Magseis) in 2022. POC multi-client revenues are expected to
be USD 549 million, up 8% compared to 2022.
The POC contract backlog is estimated at USD 545 million
compared to USD 475 million on 30 September 2023 and USD 451
million on 31 December 2022. The cash balance on 31 December 2023
was approximately USD 200 million.
“While we are pleased to deliver an annual revenue growth of 14%
in 2023, we are disappointed with late sales in Q4. Delayed
licensing rounds, supermajors focusing their exploration spending
on drilling and new seismic data acquisition, as well as ongoing
M&A processes among some of our key customers, partly explain
why we did not see the normal year-end spending in Q4. On a
positive note, we saw increased activity from independents, good
order inflow and positive momentum in our Acquisition business,
which continues to outperform our expectations. Further, the strong
development in the Digital Energy Solutions business continued,
with more than a doubling of revenues compared to Q4 2022. I’m
increasingly optimistic for 2024, based on positive signals from
our customers. Our contract backlog going into 2024 is 21% higher
than a year earlier and the pipeline of further business
opportunities looks promising,” stated Kristian Johansen, CEO of
TGS.
“In a market characterized by high volatility in both revenue
mix and regional focus, diversification is increasingly important.
The PGS transaction, which is expected to close during H1 2024,
will ensure that TGS has exposure towards all parts of the energy
data market, including streamer, OBN acquisition and products and
services for new energy. Finally, the transaction will add
geographical diversification and thereby reduce volatility of the
multi-client business,” added Kristian Johansen.TGS will release
its Q4 2023 results at approximately CET 07:00 am on 15 February
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 Q4 2023:
Preliminary reported IFRS revenue: USD 189 million- Revenue
recognized from performance obligations met during Q4 for completed
projects: USD 43 million+ Revenue recognized under POC during Q4:
USD 59 million= Preliminary reported POC revenue: USD 205
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.
TGS ASA (TG:TGC)
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