TGS, a leading provider of seismic data and analytics, released its Q3 2024 financial results following the completion of its merger with PGS on 1st July 2024. The company reported strong multi-client sales, driven by solid pre-commitments for new investments and increased sales of existing data with material transfer fees. Additionally, TGS saw record-high OBN contract activity and continued growth in New Energy Solutions.
Despite certain projects being deferred into 2025, TGS lowered its full-year pro-forma organic multi-client investments to USD 425-450 million. The company also reported an order inflow of USD 423 million during Q3 2024, resulting in a total produced backlog of USD 750 million. Furthermore, TGS received significant credit rating upgrades from both S&P and Moody’s due to its robust balance sheet.
CEO Kristian Johansen expressed his satisfaction with the Q3 2024 results, highlighting the successful revenue generation of half a billion dollars post-merger. He emphasized the company’s progress in realizing annual synergies ahead of schedule and the strong performance of its OBN crews and production-oriented client base. Despite lower-than-expected utilization of the 3D streamer fleet, negotiations and tenders are on a positive trend.
To provide further insights into the financial results, CEO Kristian Johansen and CFO Sven Børre Larsen will present the findings at 09:00 a.m. CEST at House of Oslo, Norway, which will be open to the public and live webcasted. The presentation will also be available for viewing on TGS.com post-event. For additional information, interested individuals can visit TGS.com or contact the company directly.
