TGS has reported a first quarter net loss of -$56 million on revenues of $152 million compared to a net profit of $4 million on revenues of $110 million in Q1 2019.
TGS has reported a first quarter net loss of -$56 million on revenues of $152 million compared to a net profit of $4 million on revenues of $110 million in Q1 2019.
Operating loss of -$58 million compared to an operating loss of -$487,0000 in Q1 2019.
Q1 2020 net prefunding revenues of $83 million compared with $13.5 million in Q1 2019. Net late sales of $63 million compared with $91 million in Q1 2019.
The quarter was characterized by solid pre-funding revenues driven by Latin America and North America onshore, while late sales were hurt by the Covid-19 crisis and the large oil price drop towards the end of the quarter, said TGS.
Mult-client investments were $138 million in Q1 2020, 276% higher than the $37 million invested in Q1 2019. Multi-client investments for the year are expected to be reduced to approximately $325 million from the originally planned $450 million. Overall, the company is reducing costs this year by 35% as a result of the Covid-19 crisis.
TGS’ backlog of $160 million at the end of Q1 compared to $181 million at the of Q4 2019 but was up from $112 million at the end of Q1 2019.
The company was holding $248 million in cash at 31 March 2020.
‘I’m extremely pleased with how we’ve performed during these challenging times,’ said TGS CEO Kristian Johansen.
