TGS Q1 2022 Revenue Update

Source: www.gulfoilandgas.com 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


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