OSLO, Norway (12 May 2022) - TGS today reported interim financial results for Q1 2022.

Total revenue amounted to USD 132 million in Q1 2022 versus USD 142 million in Q1 2021. EBITDA was USD 101 million, and the operating result was USD 34 million, compared to USD 119 million and USD 25 million, respectively, in Q1 2021.

Percentage-of-completion (PoC) revenue (1) amounted to USD 114 million in Q1 2022, a significant increase from USD 75 million in Q1 2021.

Free cash flow (2) amounted to USD 31 million in Q1 2022, compared to USD 86 million in Q1 2021. After shareholder distribution of USD 19 million, the cash balance totaled USD 215 million on 31 March 2022 versus USD 254 million a year earlier.

The solid financial position allows TGS to maintain the quarterly dividend at USD 0.14 per share in Q2 2022.

"We are very please about our performance in Q1 2022, where we continued to see improvement in the market conditions and customers starting to become more interested in frontier areas. I’m particularly pleased with the strong late sales performance, with more than 200% growth from Q1 2021. With 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. Lastly, I’m pleased about the continued progress shown in the ESG area, as confirmed recently by the inclusion of TGS in the OBX ESG index,” says Kristian Johansen, CEO at TGS. 

A live webcast of the results and business update, featuring CEO Kristian Johansen and CFO Sven Børre Larsen, will be broadcasted today at 9:00 am CET.

Access and registration for online attendees is available by copying and pasting this link into your browser:
https://channel.royalcast.com/landingpage/hegnarmedia/20220512_16/

A recorded version of the entire presentation will be available on TGS.com (http://www.tgs.com) after the live event.

For more information, visit TGS.com (http://www.tgs.com) or contact:

Sven Børre Larsen
CFO
Tel: +47 90 94 36 73
E-mail: investor@tgs.com

Notes
1 - Percentage-of-completion (PoC) revenue:
PoC revenue are measured by applying the percentage-of-completion method to Early sales, added to Late sales and Proprietary sales. This is based on the principles applied prior to the implementation of IFRS 15, Revenue from Customer Contracts, on 1 January 2018.
Adjustments between IFRS and PoC revenue numbers for Q1 2022:
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
= PoC reported revenue: USD 114 million

2 - Defined as Cash flow from operations after organic investments in the multi-client library.