TGS today reported interim financial results for Q4 2023. 

The results reflected strong operational performance and continued strong growth in multi-client early sales, with late sales coming in below expectations.

Financial highlights:

• POC revenues were USD 206 million compared to USD 227 million in Q4 2022 
• POC EBITDA of USD 137 million versus USD 151 million in Q4 2022
• POC operating result was USD 47 million compared to USD 74 million in Q4 2022. 
• Contract inflow of USD 275 million during Q4 2023 compared to USD 283 million in Q4 2022 – total POC order backlog including Acquisition of USD 545 million
• Strong development in proprietary sales and early sales, offset by weak late sales
• Dividend of USD 0.14 (NOK 1.47) per share to be paid in Q1 2024 
• IFRS revenues (1) of USD 189 million versus USD 219 million in Q4 2022
• IFRS EPS (fully diluted) of USD -0.07 versus USD 0.17 in Q4 2022

Kristian Johansen, CEO of TGS, commented:
"While we are pleased to deliver pro-forma annual revenue growth of 14% in 2023, we are disappointed with late sales in Q4. We did not see the normal seasonal late sales uptick, as customers’ year-end funds were limited by high-cost inflation, increased spending on drilling and new seismic data acquisition, and delayed licensing rounds. On a positive note, we saw good order inflow and positive momentum in our Acquisition business and strong development in the Digital Energy Solutions business. I’m increasingly optimistic for 2024, based on positive signals from our customers. Our POC contract backlog going into 2024 is 21% higher than a year earlier and the pipeline of further business opportunities looks promising.”

KeyFactsEnergy Industry Directory: TGS