TGS has reported a third-quarter net loss of $71 million on revenues of $80 million compared with a net loss of $80 million on revenues of $96 million in Q2 2020 and a net profit of $40 million on revenues of $264 million in the third quarter of...
TGS has reported a third-quarter net loss of $71 million on revenues of $80 million compared with a net loss of $80 million on revenues of $96 million in Q2 2020 and a net profit of $40 million on revenues of $264 million in the third quarter of 2019.
The company reported an operating loss of $90 million compared with a loss of $97 million in Q2 and an operating profit of $55 million in Q3 2019.
Net segment revenues of $80.6 compared with $96 million in Q2 and $264 million in Q3 2019. Pre-funding revenues of $17.4 million compared with $38 million in Q2 and $60 million in Q3 2019.
Late sales of $61 million compared with $58 million in Q2 and $201 million in Q3 2019. Proprietary revenues of $2.5 million compared with $3 million in Q2 and $3.3 million in Q3 2019. Multi-client investments in the quarter amounted to $54 million.
Personnel costs and other operating costs for the quarter totalled $17.3 million, a reduction of 64% compared to the third quarter of 2019.
Free cash flow was $4.5 million for Q3 2020 compared to -$35.6 million in Q3 2019. As a result, the cash balance on 30 September 2020 was $180 million.
TGS’ backlog amounted to $102.1 million at the end of Q3 2020, up 4% compared to $98.1 million at the end of Q2 2020. Backlog at the end of the quarter decreased 13% from backlog of $117 million at the end of Q3 2019.
TGS CEO Kristian Johansen said: ‘To further strengthen our cash flow capacity, we have completed a major cost cutting programme with cash operating cost reduced by 64% compared to Q3 2019. As such, we are well prepared to maintain our counter-cyclical investment approach at the same time as continuing to pay dividends to shareholders.’
