TGS Q3 2023 Revenue Update

Source: 10/9/2023, Location: Europe

Based on preliminary reporting from operating units, management of TGS ASA ("TGS") expects IFRS revenues for Q3 2023 to be approximately USD 225 million, compared to USD 135 million in Q3 2022.

POC revenues* are expected to be approximately USD 293 million, up from USD 119 million million in Q3 2022.

POC multi-client revenues are estimated at approximately USD 160 million, of which early sales of completed data accounted for approximately 55%. In Q3 2022, POC multi-client revenues were USD 103 million, of which 37% was made up by early sales.

Proprietary revenues are estimated at approximately USD 133 million in Q3 2023, compared to USD 16 million in Q3 2022.

Kristian Johansen, CEO at TGS, commented: "I’m pleased to see that all business areas and revenue streams performed strongly in Q3 2023. POC multi-client revenues of approximately USD 160 million are well ahead of our own expectations, driven by a combination of high investment activity, a robust early sales rate and solid late sales momentum. Furthermore, the Acquisition business unit (former Magseis Fairfield) continues to deliver strong y/y growth, with estimated revenues of USD 126 million in Q3 2023, compared to USD 99 million (pro-forma) in Q3 of last year.”

TGS will release its Q3 2023 results at approximately CEST 07:00 am on 26 October 2023. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at CEST 09:00 am during a live presentation and webcast. The presentation will take place at House of Oslo, Ruseløkkveien 34, 0251 Oslo.

The webcast can be followed online via this link:

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 Q3 2023:

Preliminary reported IFRS revenue: USD 225 million
- Revenue recognized from performance obligations met during Q3 for completed projects: USD 21 million
+ Revenue recognized under POC during Q3: USD 88 million
= Preliminary reported POC revenue: USD 293 million

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