TGS Q3 2024 Update: Strong Demand and Vessel Utilization Insights
TGS Q3 2024 Operational Highlights
TGS, a prominent global provider of energy data and intelligence, regularly compiles operational updates following the completion of each quarter. These updates are designed to inform stakeholders about ongoing projects and operational metrics.
Normalized Ocean Bottom Node (OBN) Crew Count
The normalized Ocean Bottom Node (OBN) crew count underscores TGS's commitment to efficiently managing resources. In Q3 2024, TGS effectively utilized its crews across various regions, supporting contract work that elevated operational performance.
2022-2024 Crew Count Overview
The following snapshot illustrates the evolution of normalized crew counts from 2022 to 2024:
Insights into Seismic Vessel Allocation
Along with crew counts, TGS emphasizes the importance of streamer vessel allocation. With a diverse fleet size and operational strategy, the allocation has seen significant evolution over recent quarters.
Multi-Client Investment Trends
According to TGS's preliminary financial analysis, the anticipated multi-client investment for Q3 2024 is approximately USD 132 million. This projection reflects the growing demand for insightful energy data and analytics.
Pro-Forma Multi-Client Investment Overview
The following illustrates the multi-client investment pattern:
CEO Commentary on Vessel Utilization
Kristian Johansen, CEO of TGS, expressed satisfaction regarding the efficient use of OBN crews. The strong demand for OBN services has translated into a solid order inflow within the quarter. Johansen noted, "Our seismic streamer vessel utilization in Q3 ended at 77%, marking an improvement, though still shy of the optimal 85% operational target. Active tenders for streamer contract work saw significant increases over the summer, setting a positive tone for the future."
Upcoming Events and Presentations
TGS is set to disclose its Q3 2024 results shortly, with a presentation scheduled. Investors and clients will gain valuable insights into the company's strategic direction, operational results, and future projections. The upcoming presentation will take place on October 24, 2024, at 09:00 a.m. CEST.
Company Contact Information
TGS encourages inquiries and engagement from stakeholders. For additional details, interested parties can reach out to:
Bård Stenberg, VP IR & Communication
Tel.: +47 992 45 235
E-mail: investor@tgs.com
Frequently Asked Questions
What is the main focus of TGS's Q3 2024 update?
The focus is on operational metrics, crew counts, vessel utilization, and multi-client investments, reflecting the company's market position.
How does the crew count impact TGS's operations?
The crew count is essential as it reflects the company's capacity to support contract work and manage resources effectively, contributing to overall efficiency.
What insights did the CEO share during this update?
CEO Kristian Johansen highlighted the strong demand for OBN services and noted vessel utilization improvements, along with ongoing positive trends in contract bidding.
When will TGS release its Q3 2024 financial results?
TGS plans to release its Q3 2024 results on October 24, 2024, at 07:00 a.m. CEST.
How can investors stay informed about TGS?
Investors can stay updated by following TGS’s announcements and attending upcoming presentations, along with contacting the investor relations team.
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