TGS Q4 2024 Operational Update
OSLO, Norway (9 January 2025) - TGS, a leading global provider of energy data and intelligence routinely publishes a quarterly operational update six working days after quarter-end.
The table below shows TGS's normalized Ocean Bottom Node (OBN) crew count:
| 2022 | 2023 | 2024 | ||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| Normalized crewcount1 | 2.9 | 3.2 | 3.2 | 2.3 | 2.6 | 3.2 | 3.2 | 1.9 | 1.9 | 2.7 | 3.8 | 3.5 |
1) The table shows average number of crews in operation when assuming a normalized crew size. In Q4 2024 all crews were used for contract work. If crews are used for multi-client in the future that will be disclosed.
The table below shows TGS's streamer vessel allocation:
| Allocation of active seismic 3D vessel capacity2 | 2022 | 2023 | 2024 | |||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| Contract | 39% | 41% | 60% | 63% | 51% | 34% | 16% | 25% | 36% | 28% | 20% | 35% |
| Multi-client | 16% | 24% | 28% | 12% | 23% | 41% | 70% | 31% | 30% | 36% | 57% | 31% |
| Steaming | 8% | 14% | 8% | 16% | 11% | 13% | 6% | 18% | 7% | 14% | 6% | 6% |
| Yard | 6% | 9% | 3% | 3% | 2% | 10% | 4% | 14% | 6% | 6% | 2% | 6% |
| Stacked/Standby | 31% | 12% | 1% | 6% | 13% | 2% | 4% | 12% | 21% | 16% | 15% | 22% |
| Number of vessels | 6 | 6 | 6 | 6 | 6 | 6 | 7 | 7 | 7 | 6 | 6 | 6 |
2) The statistics include only active seismic 3D vessels (capacity working on New Energy Solutions projects are excluded). The Ramform Victory was brought into operation in Q3 2023, and the Ramform Vanguard was converted to a dual-purpose seismic and offshore wind vessel in Q2 2024. The two cold-stacked vessels are excluded from the statistics.
Based on a preliminary financial review TGS expects organic Q4 2024 multi-client investment to be approximately USD 100 million.
Kristian Johansen, CEO at TGS, commented: "Utilization of our OBN crews in Q4 was strong, with most of the activity focused on acquiring 4D production data in the US Gulf of Mexico. Project delays from late 2024 and into 2025 caused our multi-client investment to be in the low-end of the guided range, which also impacted vessel utilization in the quarter. I'm pleased about solid multi-client performance in Q4, and for the full year 2024. During the quarter we announced four significant streamer contract awards, enhancing visibility and vessel utilization for the first half of 2025."
TGS will release its Q4 2024 results at 07:00 a.m. CET on 20 February 2025. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 a.m. CET during a live presentation and webcast. The presentation will take place at House of Oslo, Ruseløkkveien 34, 0251 Oslo and is open to the public.
The webcast can be followed live via this link:
https://channel.royalcast.com/landingpage/hegnarmedia/20250220_3/
For more information, visit TGS.com (http://www.tgs.com) or contact:
Bård Stenberg, VP IR & Communication
Tel.: +47 992 45 235
E-mail: investor@tgs.com
About TGS
TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).
Forward Looking Statement
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward- looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.
