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.
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.
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