TGS made a second quarter net loss of $12 million on revenues of $72 million, compared with a net loss of $78 million on revenues of $66 million in the second quarter of 2020.
TGS made a second quarter net loss of $12 million on revenues of $72 million, compared with a net loss of $78 million on revenues of $66 million in the second quarter of 2020. The company made an operating loss of $14 million compared to an operating loss of $97 million in Q2 2021.
Net segment revenues amounted to $54 million in Q2 2021, compared to $96 million in Q2 2020.
Multi-client investments amounted to $33 million in Q2 2021, 58% down from $77 million invested in Q2 2020. Prefunding levels dropped to $14 million compared with $38 million in 2020. Late sales of $36 million were down from $55 million in Q2 2020.
Operating expenses of $20 million were down by 47% year on year.
Free-cash flow amounted to $18 million in Q2 2021. The cash balance was $223 million at 30 June 2021.
The net book value of the multi-client library was $579.8 million as of 30 June 2021, compared to $788.5 million as of 30 June 2020. TGS’ backlog amounted to $77.5 million at the end of Q2 2021, compared to $81.7 million at the end of Q1 2021 and $98 million at the end of Q2 2020.
‘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,’ said Kristian Johansen, CEO of TGS.
