TGS Announces Q2 2021 Results

Source: 7/22/2021, Location: Europe

TGS reported interim financial results for Q2 2021.

Net IFRS revenues amounted to USD 72 million in Q2 2021, an increase of 9% compared to Q2 2020 and USD 7 million higher than the preliminary earnings update July 8th. EBITDA was USD 50 million, and the operating result was USD -15 million, compared to USD 27 million and USD -97 million, respectively, in Q2 2020.

Net segment revenues (1) amounted to USD 54 million in Q2 2021, compared to USD 96 million in Q2 2020. Segment EBITDA was USD 32 million versus USD 56 million in the same quarter of 2020, while the segment operating result amounted to USD -25 million, compared to USD -85 million in Q2 2020.

Free-cash flow (2) amounted to USD 18 million in Q2 2021, up from USD -10 million in Q2 2020. After shareholder distribution of USD 20 million and spending USD 24 million in relation to mergers & acquisitions, the cash balance totaled USD 223 million at 30 June 2021.

The solid financial position allows TGS to maintain the quarterly dividend at USD 0.14 per share and continue its share repurchase program with a remaining value of up to USD 14 million.

“Our asset-light business model, robust balance sheet and strong cash flow enable us to take advantage of strategic opportunities, both in our subsurface data business and in our New Energy Solutions segment. As described in previous reports, the market conditions for multi-client seismic data continue to be very challenging, and there are no signs of substantial improvements in the near-term. However, based on dialogue with our largest customers, we remain confident that we will ultimately see a recovery of the market,” says Kristian Johansen, CEO of TGS.

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