TGS expects net IFRS revenues for the third quarter of 2021 to be approx.
TGS expects net IFRS revenues for the third quarter of 2021 to be approx. $200 million, compared to $58 million in Q3 2020.
Net segment revenues are expected to be approx. $61 million, compared to $81 million in Q3 2020.
Kristian Johansen, CEO at TGS, said: ‘The market conditions for multi-client seismic data continue to be very challenging. E&P companies’ 2021 budgets do not allow for much spending beyond what was committed at the start of the year, meaning that the recent oil price increases so far have had little impact on spending levels. However, with the current oil price, the value proposition of exploration for new oil and gas resources, is very attractive. As such, we remain optimistic that spending on exploration-related data and services will improve as E&P companies are entering a new budget cycle with lower levels of legacy commitments. Meanwhile, the financial position stays healthy with approximately $200 million of cash and no interest-bearing debt on the balance sheet.’
