Based on preliminary reporting from operating units, management of TGS ASA ("TGS") expects IFRS revenues for Q3 2023 to be approximately USD 225 million, compared to USD 135 million in Q3 2022.

POC revenues are expected to be approximately USD 293 million, up from USD 119 million in Q3 2022.

POC multi-client revenues are estimated at approximately USD 160 million, of which early sales of completed data accounted for approximately 55%. In Q3 2022, POC multi-client revenues were USD 103 million, of which 37% was made up by early sales.

Proprietary revenues are estimated at approximately USD 133 million in Q3 2023, compared to USD 16 million in Q3 2022.

Kristian Johansen, CEO at TGS, commented: 
"I’m pleased to see that all business areas and revenue streams performed strongly in Q3 2023. POC multi-client revenues of approximately USD 160 million are well ahead of our own expectations, driven by a combination of high investment activity, a robust early sales rate and solid late sales momentum. Furthermore, the Acquisition business unit (former Magseis Fairfield) continues to deliver strong y/y growth, with estimated revenues of USD 126 million in Q3 2023, compared to USD 99 million (pro-forma) in Q3 of last year.”

KeyFactsEnergy Industry Directory: TGS