TGS ASA (OSL:TGS)
kr 119.6 -3.1 (-2.53%) Market Cap: 15.65 Bil Enterprise Value: 16.10 Bil PE Ratio: 107.46 PB Ratio: 1.19 GF Score: 91/100

Q3 2020 TGS NOPEC Geophysical Company ASA Earnings Call Transcript

Oct 29, 2020 / 02:00PM GMT
Release Date Price: kr86.68 (-2.93%)
Operator

Welcome to the TGS 2020 Q3 Earnings Release Call. (Operator Instructions) And just to remind you, this conference call is being recorded.

Today, I'm pleased to present Kristian Johansen, the Chief Executive Officer. Please go ahead with your meeting.

Kristian Kuvaas Johansen
TGS-NOPEC Geophysical Company ASA - CEO

Good morning, everyone, and welcome to TGS Q3 2020 Earnings Call. My name is Kristian Johansen, I'm the CEO of TGS. I'm calling in from Houston this morning. And with me from Oslo, I have our CFO, Fredrik Amundsen.

This morning was, to me, personally a good illustration of the unprecedented times we're going through. I woke up at 5:00 a.m., checked the market reactions to our Q3 report and noticed that the share price was down 1.5% despite severe cost-cutting and positive cash flow. The oil price continued to slide to a level below $37 for Brent, and most oil service companies' share prices are quoted in cents rather than dollars.

Getting out of bed, I get a text from my daughter's school saying that school is closed due

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