TGS Q3 2024 Operational Update

Source: www.gulfoilandgas.com 10/8/2024, Location: Europe

TGS, a leading global provider of energy data and intelligence routinely publishes a quarterly operational update six working days after quarter-end.

Based on a preliminary financial review TGS expects Q3 2024 multi-client investment to be approximately USD 132 million.

Kristian Johansen, CEO at TGS, commented: “I am very pleased to see strong utilization of our OBN crews in Q3, where we had one crew in West Africa, two crews in the Gulf of Mexico and one crew in Europe. Demand for our OBN services continues to be strong and we achieved a solid order inflow during the quarter. Our seismic streamer vessel utilization in Q3 ended at 77%, a sequential increase, but still below the approximately 85% level we consider full utilization, when adjusting for steaming and yard time. Active tenders for streamer contract work have increased significantly over the summer. We expect that higher contract bidding activity in combination with the synergy effects of a larger multi-client project portfolio, will improve our streamer vessel utilization going forward."

TGS will release its Q3 2024 results at 07:00 a.m. CEST on 24 October 2024. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 a.m. CEST 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.


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