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TGS Q4 2022 Revenue Update

TGS ASA
TGS ASA

OSLO, Norway (9 January 2023) - Based on preliminary reporting from operating units, management of TGS ASA (“TGS”) expects revenues (excluding contribution from Magseis Fairfield ASA) for Q4 2022 to be approximately USD 164 million, compared to USD 105 million in Q4 2021.

POC revenues* are expected to be approximately USD 172 million, up from USD 120 million in Q4 2021. Late sales accounted for approximately USD 136 million, 157% above the USD 53 million reported for Q4 2021.

Kristian Johansen, CEO at TGS, commented: “I’m pleased to see that the strong momentum in sales accelerated in the quarter. Late sales in Q4 2022 are the best fourth-quarter late sales since 2014. In addition, we have seen solid growth in order inflow related to new investments lately, meaning that the multi-client backlog increased significantly in the quarter”

TGS will release its Q4 2022 results at approximately CET 07:00 am on 9 February 2023. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at CET 09:00 am during a live webcast.

Access and registration for online attendees is available by copying and pasting this link into your browser: https://channel.royalcast.com/landingpage/hegnarmedia/20230209_1/

The slides from the presentation will also be available in PDF format at both the TGS and Oslo Stock Exchange websites.

*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 Q4 2022:

Preliminary IFRS reported revenue: USD 164 million
- Revenue recognized from performance obligations met during Q4 for completed projects: USD 23 million
+ Revenue recognized under POC during Q4: USD 31 million
= Preliminary net segment reported revenue: USD 172 million

Company summary     
TGS provides scientific data and intelligence to companies active in the energy sector. In addition to a global, extensive and diverse energy data library, TGS offers specialized services such as Ocean Bottom Node (OBN) data acquisition, advanced processing and analytics alongside cloud-based data applications and solutions. For more information visit TGS online at 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 TGS' reliance on a cyclical industry and principal customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data product at costs commensurate with profitability, as well as volatile market conditions, which have been exacerbated by the COVID-19 pandemic. 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.

For further information, please contact:
CFO Sven Børre Larsen
Tel.: +47 90 94 36 73
E-mail: investor@tgs.com