TGS-NOPEC Geophysical Company ASA
TGS-NOPEC Geophysical Company ASA
04/29/2022 | Press release | Distributed by Public on 04/29/2022 10:36
TGS: Q1 2022 Presentation and Webcast
Tid29.04.2022, 16:33:37
MeldingsID560744
UtstederIDTGS
MarkedOslo Børs
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TGS: Q1 2022 Presentation and Webcast
OSLO, NORWAY (29 April 2022) TGS will release its Q1 2022 results at
approximately 07:00 CEST on 12 May 2022. CEO Kristian Johansen and CFO Sven
Børre Larsen will present the results at 09:00 CEST at the Felix Conference
Center, Aker Brygge, Oslo, Norway. The presentation is open to the public and
can be followed live on the internet at www.tgs.com (http://www.tgs.com).
The slides from the presentation will also be available in PDF format on both
the TGS and Oslo Stock Exchange websites.
As announced in connection with the release of the interim financial report for
Q4 2021 on 10 February 2022, TGS will discontinue Segment reporting with effect
from the financial year of 2022 to simplify external and internal reporting.
When IFRS 15 regarding contracts with customers came into effect from 1 January
2018 TGS and other companies active in the multi-client seismic market chose to
continue reporting numbers in accordance with the previous practice (referred to
as Segment Reporting) as a supplement to the IFRS results. In Segment reporting
recognition of revenues related to unfinished projects have been recognized in
accordance with progress in the project measured by the percentage of completion
(PoC). In the IFRS accounts, revenues are recognized at the point in time when
the projects are completed and delivered to the customers.
As part of the new reporting structure, TGS has, in addition to the ones used
historically, defined the following Alternative Performance Measures (APMs) that
will be presented as part of the quarterly reporting from Q1 2022:
* Contract backlog: Aggregate value of revenues from customer contracts yet to
be recognized
* Contract inflow: Aggregate value of revenue from new contracts entered over
a given period of time
* PoC revenues: Total Group revenues with customer commitments related to
projects that are not yet completed (i.e., performance obligations are not
yet met) recognized in accordance with the percentage of completion (PoC)
(equal to the past definition of Segment revenues)
Please find attached a historical quarterly overview of the APMs, as well as
certain other relevant performance metrics that will be part of the financial
reporting going forward.
The selection and definitions of APMs are subject to adjustments and changes
prior to the announcement of the interim financial statement for Q1 2022
scheduled for 12 May 2022.
Company summary
TGS ASA 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 advanced processing and
analytics alongside cloud-based data applications and solutions.
For more information, visit TGS online at www.tgs.com (http://www.tgs.com).
For additional information about this press release, please contact:
Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Email: [email protected]
approximately 07:00 CEST on 12 May 2022. CEO Kristian Johansen and CFO Sven
Børre Larsen will present the results at 09:00 CEST at the Felix Conference
Center, Aker Brygge, Oslo, Norway. The presentation is open to the public and
can be followed live on the internet at www.tgs.com (http://www.tgs.com).
The slides from the presentation will also be available in PDF format on both
the TGS and Oslo Stock Exchange websites.
As announced in connection with the release of the interim financial report for
Q4 2021 on 10 February 2022, TGS will discontinue Segment reporting with effect
from the financial year of 2022 to simplify external and internal reporting.
When IFRS 15 regarding contracts with customers came into effect from 1 January
2018 TGS and other companies active in the multi-client seismic market chose to
continue reporting numbers in accordance with the previous practice (referred to
as Segment Reporting) as a supplement to the IFRS results. In Segment reporting
recognition of revenues related to unfinished projects have been recognized in
accordance with progress in the project measured by the percentage of completion
(PoC). In the IFRS accounts, revenues are recognized at the point in time when
the projects are completed and delivered to the customers.
As part of the new reporting structure, TGS has, in addition to the ones used
historically, defined the following Alternative Performance Measures (APMs) that
will be presented as part of the quarterly reporting from Q1 2022:
* Contract backlog: Aggregate value of revenues from customer contracts yet to
be recognized
* Contract inflow: Aggregate value of revenue from new contracts entered over
a given period of time
* PoC revenues: Total Group revenues with customer commitments related to
projects that are not yet completed (i.e., performance obligations are not
yet met) recognized in accordance with the percentage of completion (PoC)
(equal to the past definition of Segment revenues)
Please find attached a historical quarterly overview of the APMs, as well as
certain other relevant performance metrics that will be part of the financial
reporting going forward.
The selection and definitions of APMs are subject to adjustments and changes
prior to the announcement of the interim financial statement for Q1 2022
scheduled for 12 May 2022.
Company summary
TGS ASA 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 advanced processing and
analytics alongside cloud-based data applications and solutions.
For more information, visit TGS online at www.tgs.com (http://www.tgs.com).
For additional information about this press release, please contact:
Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Email: [email protected]