TGS has reported a net profit of $19 million on revenues of $200 million in Q3 2021 compared to a net loss of $70 million on revenues of $58 million in Q3 2020.
TGS has reported a net profit of $19 million on revenues of $200 million in Q3 2021 compared to a net loss of $70 million on revenues of $58 million in Q3 2020.
Operating profit was $35.5 million compared to an operating loss of $90 million in Q3 2020.
Net segment revenues were $61 million in Q3 2021, compared to $81 million in Q3 2020.
Free cash flow amounted to $6 million in Q3 2021, up from $4 million in Q3 2020. For the first nine months of 2021, free cash flow amounted to $108 million, compared to -$4 million in 2020.
‘Market conditions for multi-client seismic data continue to be 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 increasing oil price combined with low cost of exploration-related services, the value proposition of exploration is approaching all-time-high levels, and we are starting to see some early signs of a recovery,’ said Kristian Johansen, CEO of TGS.
‘I’m pleased with the progress seen in our New Energy Solutions business, where we expect to generate approximately $10 million of pro-forma revenues this year.’
