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TGS provides Q4 2024 operational update


09 Jan 2025

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TGS, a leading global provider of energy data and intelligence routinely publishes a quarterly operational update six working days after quarter-end.

The table below shows TGS’s normalized Ocean Bottom Node (OBN) crew count:

 

2022

2023

2024

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Normalized crewcount1

 

2.9

 

3.2

 

3.2

 

2.3

 

2.6

 

3.2

 

3.2

 

1.9

 

1.9

 

2.7

 

3.8

 

3.5

1) The table shows average number of crews in operation when assuming a normalized crew size. In Q4 2024 all crews were used for contract work. If crews are used for multi-client in the future that will be disclosed.

The table below shows TGS’s streamer vessel allocation:

Allocation of active seismic 3D vessel capacity2

 

 

2022

 

 

2023

 

 

2024

 

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Contract

39%

41%

60%

63%

51%

34%

16%

25%

36%

28%

20%

35%

Multi-client

16%

24%

28%

12%

23%

41%

70%

31%

30%

36%

57%

31%

Steaming

8%

14%

8%

16%

11%

13%

6%

18%

7%

14%

6%

6%

Yard

6%

9%

3%

3%

2%

10%

4%

14%

6%

6%

2%

6%

Stacked/Standby

31%

12%

1%

6%

13%

2%

4%

12%

21%

16%

15%

22%

Number of vessels

6

6

6

6

6

6

7

7

7

6

6

6

2) The statistics include only active seismic 3D vessels (capacity working on New Energy Solutions projects are excluded). The Ramform Victory was brought into operation in Q3 2023, and the Ramform Vanguard was converted to a dual-purpose seismic and offshore wind vessel in Q2 2024. The two cold-stacked vessels are excluded from the statistics.

Based on a preliminary financial review TGS expects organic Q4 2024 multi-client investment to be approximately USD 100 million.

Kristian Johansen, CEO at TGS, commented: 'Utilization of our OBN crews in Q4 was strong, with most of the activity focused on acquiring 4D production data in the US Gulf of Mexico. Project delays from late 2024 and into 2025 caused our multi-client investment to be in the low-end of the guided range, which also impacted vessel utilization in the quarter. I’m pleased about solid multi-client performance in Q4, and for the full year 2024. During the quarter we announced four significant streamer contract awards, enhancing visibility and vessel utilization for the first half of 2025.'

Original announcement link

Source: TGS





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