TGS has reported interim financial results for Q2 2024.
The quarter reflected a strong order inflow in our Acquisition business and a high POC early sales rate, resulting in solid profitability in POC financials.
Financial highlights:
- POC revenues(1) were USD 215 million compared to USD 241 million in Q2 2023
- POC EBITDA of USD 121 million versus USD 132 million in Q2 2023
- POC operating result was USD 28 million compared to USD 39 million in Q2 2023
- Contract inflow of USD 368 million during Q2 2024 compared to USD 198 million in Q2 2023 – total POC order backlog including Acquisition of USD 611 million
- Proprietary revenues increased approximately 30% sequentially and strong operational performance
- Dividend of USD 0.14 (NOK 1.51) per share to be paid in Q3 2024
- IFRS revenues(1) of USD 224 million versus USD 206 million in Q2 2023
- IFRS EPS (fully diluted) of USD 0.27 versus USD 0.18 in Q2 2023
'Without any special sales events, such as licensing rounds and transfer fees, we are satisfied with the development in multi-client revenues in the quarter. Late sales increased by 6% compared to the same quarter of last year and we continued to show strong sales of ongoing surveys with an early sales rate of 94%. Proprietary revenues increased approximately 30% sequentially and our operational performance was solid for ongoing projects. Furthermore, I'm pleased to see strong order inflow in our Acquisition business in the quarter, reflecting continued growth in demand for OBN data acquisition services. By completing the merger with PGS on 1 July, TGS is 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
