TGS has reported interim financial results for Q1 2024.
The quarter reflected a strong development in multi-client late sales and high POC early sales rate, resulting in solid profitability in POC financials.
Financial highlights:
- POC revenues (1) were USD 227 million compared to USD 229 million in Q1 2023
- POC EBITDA of USD 143 million versus USD 119 million in Q1 2023
- POC operating result was USD 40 million compared to USD 25 million in Q1 2023
- Contract inflow of USD 140 million during Q1 2024 compared to USD 248 million in Q1 2023 – total POC order backlog including Acquisition of USD 459 million
- Strong development in multi-client late sales, up 58% year-over-year
- Dividend of USD 0.14 (NOK 1.52) per share to be paid in Q2 2024
- IFRS revenues (1) of USD 152 million versus USD 173 million in Q1 2023
- IFRS EPS (fully diluted) of USD -0.13 versus USD -0.07 in Q1 2023
'We are pleased to see late sales of completed multi-client data in Q1 2024 showing good progress both compared to the preceding quarter and the same quarter of last year. Further, we saw strong sales of surveys in the work-in-progress phase, supporting the early sales rate of approximately 116% in the quarter. We continue to show good operating performance in our OBN business, although the activity level, as expected, remained seasonally low in Q1 2024. The strong start to the year, combined with a continued tight global oil market and increasing exploration ambitions among our customers makes me optimistic for the remainder of the year. With the PGS merger, which we expect to close on or around 1 July 2024, TGS will be perfectly positioned to support our customers’ exploration ambitions and capitalize on what we think will be a multi-year upcycle,' says Kristian Johansen, CEO of TGS.
Source: TGS
