TGS Q1 2021 Earnings Update
OSLO Norway (13 April 2021) - Based on preliminary reporting from operating units, TGS management expects net IFRS revenues* for the first quarter of 2021 to be approximately USD 186 million, up from USD 52 million in Q1 2020. Net segment revenues* are expected to be approximately USD 75 million, compared to USD 152 million in Q1 2020.
Kristian Johansen, CEO at TGS, stated, “As expected the challenging market conditions continued in Q1 2021. However, we remain cautiously optimistic for the remainder of the year, with the higher oil prices expected to result in higher activity level in the latter part of the year. Furthermore, I am pleased to note that we continue to outperform our cost expectations, which together with relatively low investments of approximately USD 37 million, resulted in a solid free cash flow and a cash balance in excess of USD 250 million at quarter close. Thus, our confidence in a strong cash flow development for the year continues to grow.”