TGS Q3 2024 Operational Update
OSLO, Norway (8 October 2024) – TGS, a leading global provider of energy data and intelligence routinely publishes a quarterly operational update six working days after quarter-end.
The table below shows TGS’s normalized Ocean Bottom Node (OBN) crew count:
| 2022 | 2023 | 2024 | |||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |
| Normalized crewcount1 | 2.9 | 3.2 | 3.2 | 2.3 | 2.6 | 3.2 | 3.2 | 1.9 | 1.9 | 2.7 | 3.8 |
1) The table shows average number of crews in operation when assuming a normalized crew size. In Q3 2024 all crews were used for contract work. If crews are used for multi-client in the future that will be disclosed.
The table below shows TGS’s streamer vessel allocation:
| Allocation of active seismic 3D vessel capacity2 | 2022 | 2023 | 2024 | ||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |
| Contract | 39% | 41% | 60% | 63% | 51% | 34% | 16% | 25% | 36% | 28% | 20% |
| Multi-client | 16% | 24% | 28% | 12% | 23% | 41% | 70% | 31% | 30% | 36% | 57% |
| Steaming | 8% | 14% | 8% | 16% | 11% | 13% | 6% | 18% | 7% | 14% | 6% |
| Yard | 6% | 9% | 3% | 3% | 2% | 10% | 4% | 14% | 6% | 6% | 2% |
| Stacked/Standby | 31% | 12% | 1% | 6% | 13% | 2% | 4% | 12% | 21% | 16% | 15% |
| Number of vessels | 6 | 6 | 6 | 6 | 6 | 6 | 7 | 7 | 7 | 6 | 6 |
2) The statistics include only active seismic 3D vessels (capacity working on New Energy Solutions projects are excluded). The Ramform Victory was brought into operation in Q3 2023, and the Ramform Vanguard was converted to a dual-purpose seismic and offshore wind vessel in Q2 2024. The two cold-stacked vessels are excluded from the statistics.
Based on a preliminary financial review TGS expects Q3 2024 multi-client investment to be approximately USD 132 million.
The table below shows pro-forma multi-client investment:
| In USD million | 2022 | 2023 | 2024 | ||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |
| Multi-client investment | 60 | 70 | 129 | 90 | 163 | 125 | 181 | 106 | 106 | 92 | 132 |
Kristian Johansen, CEO at TGS, commented: “I am very pleased to see strong utilization of our OBN crews in Q3, where we had one crew in West Africa, two crews in the Gulf of Mexico and one crew in Europe. Demand for our OBN services continues to be strong and we achieved a solid order inflow during the quarter. Our seismic streamer vessel utilization in Q3 ended at 77%, a sequential increase, but still below the approximately 85% level we consider full utilization, when adjusting for steaming and yard time. Active tenders for streamer contract work have increased significantly over the summer. We expect that higher contract bidding activity in combination with the synergy effects of a larger multi-client project portfolio, will improve our streamer vessel utilization going forward."
TGS will release its Q3 2024 results at 07:00 a.m. CEST on 24 October 2024. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 a.m. CEST during a live presentation and webcast. The presentation will take place at House of Oslo, Ruseløkkveien 34, 0251 Oslo and is open to the public.
The webcast can be followed live via this link:
https://channel.royalcast.com/landingpage/hegnarmedia/20241024_5/
For more information, visit TGS.com (http://www.tgs.com) or contact:
Bård Stenberg, VP IR & Communication
Tel.: +47 992 45 235
E-mail: [email protected]
About TGS
TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).
Forward Looking Statement
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward- looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.
