Based on preliminary reporting from operating units, management of TGS expects IFRS revenues for Q1 2024 to be approx. USD 152 million, compared to USD 173 million in Q1 2023.
POC revenues* are expected to be approx. USD 227 million, compared to USD 229 million in Q1 2023.
POC multi-client revenues are estimated at approx. USD 150 million versus USD 143 million in Q1 2023, with early sales of USD 78 million, down from USD 98 million in Q1 2023, and late sales of approx. USD 72 million, up from USD 46 million in Q1 2023. Multi-client investments were approx. USD 67 million, compared to USD 133 million in Q1 2023.
Proprietary revenues are expected to be USD 77 million versus USD 86 million in Q1 2023.
'We are pleased to see that late sales of completed multi-client data in Q1 2024 showed 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 approx. 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 is expected to close in the latter part of Q2 2024, TGS will be perfectly positioned to support our customers exploration ambitions and capitalize on what we think will be a multi-year upcycle,' stated Kristian Johansen, CEO of TGS.
TGS will release its Q1 2024 results at approx. 07:00am CEST on 8 May 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 Q1 2024:
Preliminary reported IFRS revenue: USD 152 million
- Revenue recognized from performance obligations met during Q1 for completed
projects: USD 3 million
+ Revenue recognized under POC during Q1: USD 78 million
= Preliminary reported POC revenue: USD 227 million
Source: TGS
