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

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Q2 2023 TGS ASA Earnings Call Transcript

Jul 20, 2023 / 06:30AM GMT

Release Date Price: kr132 (-0.68%)

Transcript

Kristian Kuvaas Johansen

TGS ASA - CEO

Good morning, and welcome to the presentation of our Q2, 2023 Results. My name is Kristian Johansen. I'm the CEO of TGS. And with me today, I have Sven Borre Larsen, our CFO. Let me first take you through the forward-looking statements that you can read after the presentation. And then on my first slide, I have the financial highlights for the quarter.

We start with POC revenues of $241 million compared to $135 million in Q2 of 2022. And this is obviously partly driven by the acquisition of Magseis that we completed in January 2023. We had late sales of $63 million in Q2, and that compares to $97 million in Q2 of 2022. But as you remember, we had significant transfer fees in that quarter. So, if you adjust for that, our year-on-year growth is still double-digit for Q2 this year. And if you compare that to Q1, which was a rather disappointing quarter on late sales, our growth quarter-by-quarter is about 37%. We had POC early sales of $66 million. That's about twice of what we had in Q2 of last year and then we had proprietary revenues of $113 million, where

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