reports
TGS Vesting Under the 2022 Long-Term Incentive Plan
TGS Vesting Under the 2022 Long-Term Incentive Plan Oslo, Norway (29 April 2024) –TGS granted the second tranche of Performance Stock Units (PSUs) under the Magseis 2022 Long-term Incentive Plan previously adopted and authorized by the Board of Directors of TGS ASA in 2023. In accordance with the terms of this Plan, the second tranche of PSUs vested on 1 April 2024, resulting in a total of 61 PSU holders having the right to request the issuance of TGS shares at par value NOK 0.05. The company previously determined that the final payout on the PSUs is 58.3% based on achievement of perfor...
TGS Q1 2024 Presentation and Webcast
TGS Q1 2024 Presentation and Webcast OSLO, Norway (24 April 2024) - TGS will release its Q1 2024 results at approximately 07:00 CEST on 8 May 2024. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 CEST at House of Oslo, Ruseløkkveien 34, Oslo, Norway. The presentation is open to the public and can be followed live online. Access and registration for online attendees are available by copying and pasting this link into your browser: The slides from the presentation will also be available in PDF format at both the TGS and Oslo Stock Exchange websites. For m...
TGS and PGS Receive Norwegian Competition Clearance for Merger
TGS and PGS Receive Norwegian Competition Clearance for Merger OSLO, Norway (17 April 2024) - Reference is made to the joint stock exchange announcement on 18 September 2023 by TGS ASA ("TGS" or the "Company," OSE: TGS) and PGS ASA ("PGS," OSE: PGS) regarding the combination of the two companies (the "Merger") to establish the premier energy data company, as well as subsequent announcements on 25 October 2023 and 1 December 2023 regarding, respectively, the execution of the definitive merger agreement and approval by the extraordinary general meetings. As further announced in the update on...
TGS Publishes its 2023 Annual Report
TGS Publishes its 2023 Annual Report OSLO, Norway (12 April 2024) - TGS, a leading global provider of energy data and intelligence, today published its 2023 Annual Report. In addition, TGS has published its 2023 Sustainability and Management Remuneration Reports (MRR) pursuant to the Norwegian Public Limited Liability Companies Act, section 6-16 a(2). Both the 2023 Annual Report and MRR are available on the TGS corporate website to shareholders and other interested parties via this link: . The Annual Report has also been published in European Single Electronic Format (ES...
- Martin Huseby Karlsen
Limited change in EP spending
After reviewing oil companies’ most recent spending plans, we estimate offshore spending growth of c7% YOY for 2024, in line with our November update. Growth is concentrated, with Petrobras being the key driver, favouring service companies with Brazil exposure. Looking ahead, further spending growth is likely to be partly limited by total spending already being on a par with operating cash flow. Delayed energy transition spending is seen as positive for oil services, while recent E&P consolidati...
SOC SUBSEA 7 S.A.
SDRL SEADRILL LTD
ARCHERO ARCHER
AKER AKER ASA CLASS A
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
BWO BW OFFSHORE LIMITED
CGG CGG
BORR BORR DRILLING
MSEIS MAGSEIS FAIRFIELD
PRS PROSAFE
SHLF SHELF DRILLING LTD.
VAL VALARIS LTD
NE NOBLE CORP NEW
OTL ODFJELL TECHNOLOGY LTD
SDNS SHELF DRILLING NORTH SEA
DDRIL DOLPHIN DRILLING
DOFG DOF GROUP ASA
- Steffen Evjen
TGS (Hold, TP: NOK130.00) - Too early to call it a full comeback
Based on the strong intraday share price reaction (+9%), the Q1 late-sales beat appears to have been a relief to investors following the soft Q4. The share price is trading 5% higher than pre-Q4, despite consensus 2024–2025 EPS having come down 20–25%. Moreover, combined late-sales for Q4 and Q1 were c30–35% below initial consensus. We believe the strong share price reaction implies limited room for disappointments, as buy-side consensus appears higher for future earnings, leaving risk/reward ne...
Q1 2024 Revenue Update
Q1 2024 Revenue Update OSLO, Norway (9 April 2024) - Based on preliminary reporting from operating units, management of TGS ASA ("TGS") expects IFRS revenues for Q1 2024 to be approximately USD 152 million, compared to USD 173 million in Q1 2023. POC revenues* are expected to be approximately USD 227 million, compared to USD 229 million in Q1 2023. POC multi-client revenues are estimated at approximately USD 150 million versus USD 143 million in Q1 2023, with early sales of USD 78 million, down from USD 98 million in Q1 2023, and late sales of approximately USD 72 million, up from USD...
TGS Announces Commencement of Penyu Basin Multi-Client 3D Seismic Offs...
TGS Announces Commencement of Penyu Basin Multi-Client 3D Seismic Offshore Peninsular Malaysia OSLO, Norway (3 April 2024) —TGS, the leading global energy data and intelligence provider, alongside JV consortium partners PGS and SLB, announces the commencement of a multi-client 3D seismic project in the Penyu Basin, offshore Peninsular Malaysia. In partnership with Malaysia Petroleum Management (MPM), PETRONAS, the custodian of petroleum resources in Malaysia, this project aims to provide insights on the exploration opportunities in a broader play fairway and to assess the carbon storage ...
- Steffen Evjen
TGS (Hold, TP: NOK120.00) - Weak risk/reward ahead of Q1e
The TGS share price is now only 6% shy of the levels ahead of the material Q4 revenue miss in early January, after trading almost 30% lower at the trough in mid-February. This, in combination with our Q1 revenue estimates being 3% below consensus, implies that the risk/reward ahead of numbers does not look particularly attractive, in our view. We reiterate our HOLD, but have raised our target price to NOK120 (105).
New Industry Report Asks Whether 2024 is Living Up to Expectations for...
New Industry Report Asks Whether 2024 is Living Up to Expectations for Offshore Wind? Lowestoft, UK (21 March 2024) — TGS, the leading global provider of energy data and intelligence, has released its latest Market Overview Report, powered by 4C Offshore market intelligence. This comprehensive analysis offers an early assessment of the global offshore wind industry for the rest of 2024, building upon the insights provided by last year's report, which anticipated a record-breaking auction year for the sector. The Q1 report looks at whether 2024 is still expected to deliver on that promise. ...
TGS: Mandatory Notification of Trades
TGS: Mandatory Notification of Trades Oslo, Norway (29 February 2024) – In February 2019, TGS implemented an Employee Share Purchase Plan (ESPP) pursuant to which eligible employees can purchase TGS common shares at a discount through payroll deductions. The ESPP operates in six-month periods, and at the end of each period, employees in eligible jurisdictions (United States, United Kingdom and Canada) have the option to purchase stock at a 15% discount to the market price at the time of purchase. The plan sets a maximum purchase of shares per employee per six-month period and ESPP dividen...
- Steffen Evjen
TGS (Hold, TP: NOK105.00) - Cutting back on investment
The guided YOY cut in MultiClient investment caught us by surprise; and while we understand the need to optimise near-term returns and cash flow, we struggle to see how lowering investment could support sales growth longer-term. We note that over the past 10 years, TGS has cut investments only in 2016 (oil price crash) and 2020–2021 (covid). We still value TGS on a pro-forma combined basis with PGS ahead of the merger scheduled to close in Q2. We reiterate our HOLD and NOK105 target price.
TGS Quarterly Dividend
TGS Quarterly Dividend OSLO, Norway (15 February 2024) – Following the authorization from the Annual General Meeting on 10 May 2023, the Board of TGS ASA has resolved to distribute a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.47 per share) in Q1 2024. Key information relating to the cash dividend: Dividend amount and declared currency: USD 0.14 per share (equivalent to NOK 1.47 per share)Last trading day including right: 21 February 2024 Ex-date: 22 February 2024Record date: 23 February 2024Payment date: 7 March 2024 Date of approval: 14 February 2024 Company ...
TGS Announces Q4 2023 Results
TGS Announces Q4 2023 Results OSLO, Norway (15 February 2024) - TGS today reported interim financial results for Q4 2023. The results reflected strong operational performance and continued strong growth in multi-client early sales, with late sales coming in below expectations. Financial highlights: POC revenues (1) were USD 206 million compared to USD 227 million in Q4 2022 POC EBITDA of USD 137 million versus USD 151 million in Q4 2022POC operating result was USD 47 million compared to USD 74 million in Q4 2022. Contract inflow of USD 275 million during Q4 2023 compared to USD 283 mill...
TGS and SLB Announce Engagement Phase 5 in the U.S. Gulf of Mexico
TGS and SLB Announce Engagement Phase 5 in the U.S. Gulf of Mexico OSLO, Norway (5 February 2024) – TGS, a global provider of energy data and intelligence, in a strategic collaboration with SLB, today announced the Engagement 5 Ocean Bottom Node (OBN) multi-client acquisition in the U.S. Gulf of Mexico. Commencing in Q1 2024, the initiation of the seventh program within the seismic joint venture involves the acquisition of 157 OCS blocks [3,650 square kilometers] through a long offset, sparse OBN survey. The expansion of data coverage in the eastern region of Green Canyon will adjoin w...
- Steffen Evjen
TGS (Hold, TP: NOK105.00) - Not enough fish in the sea
Our view on TGS is underpinned by increased structural, political and commercial threats exemplified by the soft top line development in 2023 and Q4, potentially limiting seismic demand growth. The upside potential to FCF generation remains higher late sales or increasing dayrates, both of which we struggle to see unfolding given the fundamental challenges. We reiterate our HOLD and have cut our target price to NOK105 (150) on lowered estimates.
- Martin Huseby Karlsen
Large-cap commentary supports long-term offshore upcycle
Key takeaways from SLB, Halliburton and Baker Hughes Q4 earning calls include positive commentary on the ongoing offshore upcycle. They see continued growth in global EP spending in 2024 (high-single to low-doble digits), driven by offshore and international markets, while North America onshore outlook are less favourable. Lastly, SLB sees potential for more than USD100bn in global offshore FIDs in 2024 and 2025, while Baker Hughes expects over 300 subsea tree awards annually for the next 2–3 ye...
SOC SUBSEA 7 S.A.
SDRL SEADRILL LTD
ARCHERO ARCHER
AKER AKER ASA CLASS A
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
BWO BW OFFSHORE LIMITED
CGG CGG
AWDR AWILCO DRILLING
DRLCO DRILLING COMPANY OF 1972
BORR BORR DRILLING
MSEIS MAGSEIS FAIRFIELD
PRS PROSAFE
NODL NORTHERN DRILLING
SHLF SHELF DRILLING LTD.
VAL VALARIS LTD
NE NOBLE CORP NEW
OTL ODFJELL TECHNOLOGY LTD
SDNS SHELF DRILLING NORTH SEA
DDRIL DOLPHIN DRILLING
DOFG DOF GROUP ASA
TGS ASA: 1 director
A director at TGS ASA bought 35,000 shares at 103.990NOK and the significance rating of the trade was 88/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...
TGS: Mandatory notification of trade
TGS: Mandatory notification of trade OSLO, Norway(10 January 2024) – Kristian Johansen, Chief Executive Officer, has today purchased 4,500 shares in TGS ASA at a price of NOK 109.61 per share. Following this, he directly and indirectly holds 175,281 shares in TGS ASA. This information is subject to the disclosure requirements in article 19 of the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.
TGS Q4 2023 Revenue Update
TGS Q4 2023 Revenue Update OSLO, Norway (9 January 2024) - Based on preliminary reporting from operating units, management of TGS ASA ("TGS") expects IFRS revenues for Q4 2023 to be approximately USD 189 million, compared to USD 219 million in Q4 2022. POC revenues* are expected to be approximately USD 205 million, compared to USD 227 million in Q4 2022. Proprietary revenues are expected to be USD 88 million, up from USD 60 million in Q4 2022. POC multi-client revenues are estimated at approximately USD 118 million, down from USD 167 million in Q4 2022, with early sales of USD 59 m...
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