TGS has seen pink numbers within the third-quarter 2020 with revenues down some 64 per cent amid difficult seismic market circumstances.

Norwegian seismic participant reported internet loss for the third quarter 2020 of $71 million, in opposition to $40 million revenue similar time final yr.

This corresponds to EPS of unfavourable 60 cents, versus totally diluted EPS of 36 cents in Q3 2019.

TGS has generated revenues of some $58 million, down from $162 million within the prior-year comparable interval.

Segment internet revenues have been $81 million, down 69 per cent versus Q3 2019.

Segment revenues base on proportion of completion, whereas the IFRS accounts recognise revenues after undertaking supply.

Amortization and impairment of the multi-client library amounted to $125.5 million in Q3 2020, up from $64 million in Q3 2019.

Of this, impairments amounted to $1.1 million in Q3 2020 and none in Q3 2019.

TGS’ backlog amounted to $102 million on the finish of Q3 2020.

This compares with $98 million on the finish of Q2 2020 and $117 million on the finish of Q3 2019.

TGS board of administrators has resolved to pay a dividend of $zero.125 per share in This fall 2020. The dividend will probably be paid within the type of NOK 1.17 per share on 19 November 2020.

Posted: 5 months ago

TGS sinks on bottom line, cuts costs and investing


  • Business & Finance
Posted: 5 months in the past

Cutting prices

Personnel prices have been $12.2 million, a lower of 57 per cent in comparison with $28.7 million in Q3 2019. Other working bills amounted to $5.1 million, in comparison with $10.four million in Q3 2019.

The put up TGS drops to quarterly loss appeared first on Offshore Energy.

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