TGS Q1 2022 Revenue Update

Source: 4/8/2022, Location: Europe

Based on preliminary reporting from operating units, TGS management expects net Segment revenues* for Q1 2022 to be approximately USD 114 million, compared to USD 75 million in Q1 2021. Net IFRS revenues* are expected to be approximately USD 132 million, compared to USD 144 million in Q1 2021.

Kristian Johansen, CEO at TGS, commented: “We continued to see improvement in the market conditions during Q1 2022, with customers starting to become more interested in frontier areas. I’m particularly pleased with the strong late sales performance, which grew more than 80% compared to the same quarter of last year. With approximately 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.”

TGS will release the interim Q1 2022 financial statement on 12 May 2022.

*For the purpose of Segment reporting, 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 Q1 2022:

- Preliminary 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
= Preliminary net segment reported revenue: USD 114 million

Australia >>  8/15/2022 - FY22 highlights
• De-risking growth with safe delivery of key milestones
o Offshore Otway Basin drilling completed; one gas discovery and si...

Australia >>  8/15/2022 - McDermott International has been awarded a Pre Front-End Engineering Design (Pre-FEED) contract from Woodside Energy for the proposed H2Perth project ...

Falkland Islands >>  8/15/2022 - Argos Resources Limited, the Falkland Islands based company focused on the North Falkland Basin, is pleased to announce its interim financial results ...
Argentina >>  8/12/2022 - President Energy, the international energy company announces key highlights from the independently reviewed results from the first six months of the y...

Australia >>  8/12/2022 - Warrego Energy Limited provides the following Appendix 3Y Change of Director’s Interest Notice on behalf of Managing Director and Group CEO, Mr Dennis...
Bermuda >>  8/12/2022 - Second Quarter 2022 Highlights
· Revenue of $247 million
· EBITDA before exceptional items of $20.9 million
· Available liqu...

Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.