Based on preliminary reporting from operating units, management of TGS ASA ("TGS") expects IFRS revenues for Q1 2023 to be approximately USD 173 million, compared to USD 132 million in Q1 2022.  

POC revenues* are expected to be approximately USD 229 million, up from USD 114 million in Q1 2022.

POC multi-client revenues amounted to approximately USD 143 million, with late sales accounting for approximately USD 46 million. The new Acquisition business unit (Magseis Fairfield ASA) contributed net revenues of approximately USD 79 million (USD 95 million gross) in Q1 2023.

Kristian Johansen, CEO at TGS, commented: "The positive development in revenues continued in Q1 2023, with multi-client POC revenues increasing 30% y/y, despite softer than expected late sales. Furthermore, the Acquisition business unit performed strongly with a y/y growth of 26% in gross revenues**.

I'm also pleased to see the strong order inflow continue, with close to USD 250 million worth of new customer contracts signed in Q1 2023. Cash flow remains solid, with a gross cash position of around USD 207 million at quarter end."

TGS will release its Q1 2023 results at approximately CET 07:00 am on 11 May 2023. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at CET 09:00 am during a live webcast.

The slides from the presentation will also be available in PDF format at both the TGS and Oslo Stock Exchange websites.

*For the purpose of POC revenues, multiclient revenues committed prior to completion of projects are recognized on a percentage of completion ("POC") basis. This differs from IFRS reporting where revenues committed prior to completion are recognized when the customers receive access to the finished data.

Adjustments between preliminary IFRS and Segment revenue numbers for Q1 2023:

Preliminary IFRS reported revenue: USD 173 million

- Revenue recognized from performance obligations met during Q1 for completed projects: USD 42 million

+ Revenue recognized under POC during Q4: USD 98 million

= Preliminary net segment reported revenue: USD 229 million

** Compared to pro-forma gross revenues in Q1 2022 of USD 75 million.