TGS-NOPEC Geophysical Company ASA
TGS-NOPEC Geophysical Company ASA
05/12/2022 | Press release | Distributed by Public on 05/11/2022 23:10
TGS Announces Q1 2022 Results
Tid12.05.2022, 05:00:03
MeldingsID561929
UtstederIDTGS
MarkedOslo Børs
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TGS Announces Q1 2022 Results
OSLO, Norway (12 May 2022) - TGS today reported interim financial results for Q1
2022.
Total revenue amounted to USD 132 million in Q1 2022 versus USD 142 million in
Q1 2021. EBITDA was USD 101 million, and the operating result was USD 34
million, compared to USD 119 million and USD 25 million, respectively, in Q1
2021.
Percentage-of-completion (PoC) revenue (1) amounted to USD 114 million in Q1
2022, a significant increase from USD 75 million in Q1 2021.
Free cash flow (2) amounted to USD 31 million in Q1 2022, compared to USD 86
million in Q1 2021. After shareholder distribution of USD 19 million, the cash
balance totaled USD 215 million on 31 March 2022 versus USD 254 million a year
earlier.
The solid financial position allows TGS to maintain the quarterly dividend at
USD 0.14 per share in Q2 2022.
"We are very please about our performance in Q1 2022, where we continued to see
improvement in the market conditions and customers starting to become more
interested in frontier areas. I'm particularly pleased with the strong late
sales performance, with more than 200% growth from Q1 2021. With USD 215 million
of net cash, a large and diversified energy data library, and a solid digital
foundation, TGS is well positioned to benefit from the increased activity level,
both in the oil and gas area and in other energy segments. Lastly, I'm pleased
about the continued progress shown in the ESG area, as confirmed recently by the
inclusion of TGS in the OBX ESG index," says Kristian Johansen, CEO at TGS.
A live webcast of the results and business update, featuring CEO Kristian
Johansen and CFO Sven Børre Larsen, will be broadcasted today at 9:00 am CET.
Access and registration for online attendees is available by copying and
pasting this link into your browser:
https://channel.royalcast.com/landingpage/hegnarmedia/20220512_16/
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:
Sven Børre Larsen
CFO
Tel: +47 90 94 36 73
E-mail: [email protected]
Notes
1 - Percentage-of-completion (PoC) revenue:
PoC revenue are measured by applying the percentage-of-completion method to
Early sales, added to Late sales and Proprietary sales. This is based on the
principles applied prior to the implementation of IFRS 15, Revenue from Customer
Contracts, on 1 January 2018.
Adjustments between IFRS and PoC revenue numbers for Q1 2022:
IFRS reported revenue: USD 132 million
- Revenue recognized from performance obligations met during Q1 for completed
projects: USD 58 million
+ Revenue recognized under PoC during Q1: USD 40 million
= PoC reported revenue: USD 114 million
2 - Defined as Cash flow from operations after organic investments in the multi-
client library.
2022.
Total revenue amounted to USD 132 million in Q1 2022 versus USD 142 million in
Q1 2021. EBITDA was USD 101 million, and the operating result was USD 34
million, compared to USD 119 million and USD 25 million, respectively, in Q1
2021.
Percentage-of-completion (PoC) revenue (1) amounted to USD 114 million in Q1
2022, a significant increase from USD 75 million in Q1 2021.
Free cash flow (2) amounted to USD 31 million in Q1 2022, compared to USD 86
million in Q1 2021. After shareholder distribution of USD 19 million, the cash
balance totaled USD 215 million on 31 March 2022 versus USD 254 million a year
earlier.
The solid financial position allows TGS to maintain the quarterly dividend at
USD 0.14 per share in Q2 2022.
"We are very please about our performance in Q1 2022, where we continued to see
improvement in the market conditions and customers starting to become more
interested in frontier areas. I'm particularly pleased with the strong late
sales performance, with more than 200% growth from Q1 2021. With USD 215 million
of net cash, a large and diversified energy data library, and a solid digital
foundation, TGS is well positioned to benefit from the increased activity level,
both in the oil and gas area and in other energy segments. Lastly, I'm pleased
about the continued progress shown in the ESG area, as confirmed recently by the
inclusion of TGS in the OBX ESG index," says Kristian Johansen, CEO at TGS.
A live webcast of the results and business update, featuring CEO Kristian
Johansen and CFO Sven Børre Larsen, will be broadcasted today at 9:00 am CET.
Access and registration for online attendees is available by copying and
pasting this link into your browser:
https://channel.royalcast.com/landingpage/hegnarmedia/20220512_16/
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:
Sven Børre Larsen
CFO
Tel: +47 90 94 36 73
E-mail: [email protected]
Notes
1 - Percentage-of-completion (PoC) revenue:
PoC revenue are measured by applying the percentage-of-completion method to
Early sales, added to Late sales and Proprietary sales. This is based on the
principles applied prior to the implementation of IFRS 15, Revenue from Customer
Contracts, on 1 January 2018.
Adjustments between IFRS and PoC revenue numbers for Q1 2022:
IFRS reported revenue: USD 132 million
- Revenue recognized from performance obligations met during Q1 for completed
projects: USD 58 million
+ Revenue recognized under PoC during Q1: USD 40 million
= PoC reported revenue: USD 114 million
2 - Defined as Cash flow from operations after organic investments in the multi-
client library.