TGS Announces Q4 2023 Results
15 Febrero 2024 - 12:00AM
TGS Announces Q4 2023 Results
OSLO, Norway (15 February 2024) - TGS
today reported interim financial results for Q4 2023.
The results reflected strong operational performance and
continued strong growth in multi-client early sales, with late
sales coming in below expectations.
Financial highlights:
- POC revenues (1) were USD 206 million compared to USD 227
million in Q4 2022
- POC EBITDA of USD 137 million versus USD 151 million in Q4
2022
- POC operating result was USD 47 million compared to USD 74
million in Q4 2022.
- Contract inflow of USD 275 million during Q4 2023 compared to
USD 283 million in Q4 2022 – total POC order backlog including
Acquisition of USD 545 million
- Strong development in proprietary sales and early sales, offset
by weak late sales
- Dividend of USD 0.14 (NOK 1.47) per share to be paid in Q1
2024
- IFRS revenues (1) of USD 189 million versus USD 219 million in
Q4 2022
- IFRS EPS (fully diluted) of USD -0.07 versus USD 0.17 in Q4
2022
"While we are pleased to deliver pro-forma annual revenue growth
of 14% in 2023, we are disappointed with late sales in Q4. We did
not see the normal seasonal late sales uptick, as customers’
year-end funds were limited by high-cost inflation, increased
spending on drilling and new seismic data acquisition, and delayed
licensing rounds. On a positive note, we saw good order inflow and
positive momentum in our Acquisition business and strong
development in the Digital Energy Solutions business. I’m
increasingly optimistic for 2024, based on positive signals from
our customers. Our POC contract backlog going into 2024 is 21%
higher than a year earlier and the pipeline of further business
opportunities looks promising,” says Kristian Johansen, CEO of
TGS.
Management webcast presentationCEO Kristian
Johansen and CFO Sven Børre Larsen will present the Q4 2023 results
at 09:00 CET at House of Oslo, Ruseløkkveien 34, Oslo, Norway. The
presentation is open to the public and can be followed live
online.
Access and registration for online attendees are available by
copying and pasting this link into your browser:
https://channel.royalcast.com/landingpage/hegnarmedia/20240215_13/
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:
Sven Børre LarsenCFOTel: +47 90 94 36 73E-mail:
investor@tgs.com
Notes1 - Percentage-of-completion (POC)
revenue:PoC revenue are measured by applying the
percentage-of-completion method to Early sales, added to Late sales
and Proprietary sales. This is based on the principles applied
prior to the implementation of IFRS 15, Revenue from Customer
Contracts, on 1 January 2018.
Adjustments between IFRS and POC revenue numbers for Q4
2023:
IFRS reported revenue: USD 189 million- Revenue recognized from
performance obligations met during Q4 2023 for completed projects:
USD 43 million+ Revenue recognized under POC during Q4 2023: USD 59
million= POC reported revenue: USD 206 million
Adjustments between IFRS and POC revenue numbers for Q4
2022:
IFRS reported revenue: USD 219 million- Revenue recognized from
performance obligations met during Q4 2022 for completed projects:
USD 23 million+ Revenue recognized under POC during Q4 2022: USD 31
million= POC reported revenue: USD 227 million
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 Q4 2023 Earnings Release
- TGS Q4 2023 Presentation
TGS ASA (TG:TGC)
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