TGS has reported interim financial results for Q1 2022.
Total revenue amounted to USD 132 million in Q1 2022 versus USD 142 million in Q1 2021. EBITDA was USD 101 million, and the operating result was USD 34 million, compared to USD 119 million and USD 25 million, respectively, in Q1 2021.
Percentage-of-completion (PoC) revenue (1) amounted to USD 114 million in Q1 2022, a significant increase from USD 75 million in Q1 2021.
Free cash flow (2) amounted to USD 31 million in Q1 2022, compared to USD 86 million in Q1 2021. After shareholder distribution of USD 19 million, the cash balance totaled USD 215 million on 31 March 2022 versus USD 254 million a year earlier.
The solid financial position allows TGS to maintain the quarterly dividend at USD 0.14 per share in Q2 2022. “We are very please about our performance in Q1 2022, where we continued to see improvement in the market conditions and customers starting to become more interested in frontier areas. I’m particularly pleased with the strong late sales performance, with more than 200% growth from Q1 2021. With USD 215 million of net cash, a large and diversified energy data library, and a solid digital foundation, TGS is well positioned to benefit from the increased activity level, both in the oil and gas area and in other energy segments. Lastly, I’m pleased about the continued progress shown in the ESG area, as confirmed recently by the inclusion of TGS in the OBX ESG index,” says Kristian Johansen, CEO at TGS.
