TGS announces Q3 2024 results

24 Oct 2024 07:00 CEST

OSLO, Norway (24 October 2024) - TGS today reports interim financial results for
Q3 2024.

Financial highlights:

* Merger with PGS completed on 1 July 2024 - Q3 2024 first quarter including
PGS
* Strong multi-client sales driven by a combination of solid pre-commitments
for new investments and increased sales of existing data supported by
material transfer fees
* Record-high OBN contract activity - utilization of streamer fleet improving
on high bid activity
* Continued growth in New Energy Solutions
* Full-year pro-forma organic multi-client investments lowered to USD 425-450
million as certain projects have been deferred into 2025
* Order inflow of USD 423 million during Q3 2024 - total produced backlog of
USD 750 million
* Significant upgrades of credit ratings by S&P and Moody's
* Robust balance sheet allows for continued dividend payment - USD 0.14 per
share to be paid in Q4 2024

"Q3 2024 was the first quarter after completion of the TGS-PGS merger, and I am
pleased to report revenues of half a billion dollars. We have completed the
merger reorganization process, and we are ahead of schedule in realizing annual
synergies of between USD 110 and 130 million. Strong multi-client revenues in
the quarter were driven by a combination of robust pre-commitments to ongoing
programs and strong library sales supported by material transfer fees. Further,
we achieved record high utilization of our OBN crews, and the business continues
its strong performance among a production-oriented client base. Although the
utilization of the 3D streamer fleet has been lower than expected so far this
year, we are on a positive trend based on ongoing negotiations and tenders.
Finally, I'm pleased to see that our solid balance sheet and sound financial
policy has prompted substantial upgrades to the credit ratings by both Moody's
and S&P which puts us in good position to refinance the debt structure at
attractive terms," says Kristian Johansen, CEO of TGS.

Management presentation
CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at
09:00 a.m. CEST at House of Oslo, Ruseløkkveien 34 in Oslo, Norway. The
presentation is open to the public and will be webcasted live.

Access and registration for webcast attendees are available by copying and
pasting the link below into your browser, or use the link on the front page of
www.tgs.com: https://channel.royalcast.com/landingpage/hegnarmedia/20241024_5/

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:

Bård Stenberg
Vice President IR & Communication
Tel: +47 992 45 235
E-mail: investor@tgs.com

About TGS
TGS provides advanced data and intelligence to companies active in the energy
sector. With leading-edge technology and solutions spanning the entire energy
value chain, TGS offers a comprehensive range of insights to help clients make
better decisions. Our broad range of products and advanced data technologies,
coupled with a global, extensive and diverse energy data library, make TGS a
trusted partner in supporting the exploration and production of energy resources
worldwide. For further information, please visit www.tgs.com
(https://www.tgs.com/).

Forward Looking Statement
All 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.

More information:
Access the news on Oslo Bors NewsWeb site

630250_Q3 2024 Earnings Release.pdf
630250_Q3 2024 Presentation.pdf