TGS ASA (FRA:TGC)

€ 10.29 -0.21 (-2%) Market Cap: 1.37 Bil Enterprise Value: 1.31 Bil PE Ratio: 70.15 PB Ratio: 1.20 GF Score: 88/100

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Q2 2020 TGS NOPEC Geophysical Company ASA Earnings Call Transcript

Jul 23, 2020 / 01:00PM GMT

Release Date Price: €13.72 (-1.01%)

Transcript

Kristian Kuvaas Johansen

TGS-NOPEC Geophysical Company ASA - CEO

Good morning, everyone, and welcome to TGS Q2 2020 Earnings Release. My name is Kristian Johansen, and I'm the CEO of TGS. With me on this earnings call, I have our CFO, Fredrik Amundsen.

Q2 must be one of the most extreme borders in history and particularly for companies delivering services to the energy sector. Throughout the quarter, we and our clients have been working remotely for the most parts. Client budgets have been completely scrutinized. And at the same time, we've carried out a significant cost-cutting program, where, unfortunately, a lot of our colleagues have left the company. I want to express my sincere gratitude for our employee's patience, hard work and understanding during a very challenging period for TGS and the industry.

Just a brief reminder to read our forward-looking statement before we go on with the presentation of the Q2 highlights. So Q2 2020 revenues were down 55% year-on-year, obviously, hit by the COVID crisis. As we pre-announced on the sixth business day this quarter, in line with our

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