TGS ASA (TGSNF) Q4 2024 Earnings Call Transcript

TGS ASA (OTCQX:TGSNF) Q4 2024 Earnings Conference Call February 20, 2025 3:00 AM ET

Company Participants

Bard Stenberg – Vice President-Investor Relations
Kristian Johansen – Chief Executive Officer
Sven Børre Larsen – Chief Financial Officer

Conference Call Participants

Cristopher Møllerløkken – SpareBank 1
John Olaisen – ABG Sundal Collier

Bard Stenberg

Welcome to TGS Q4 2024 Presentation. My name is Bard Stenberg, Vice President, Investor Relations in TGS. Today’s presentation will be given by CEO, Kristian Johansen; and CFO, Sven Børre Larsen.

Before we start, I would like to give some practical information. For those of you on the webcast, you can type in questions during the presentation, and we will address those after management’s concluding remarks. I would also like to draw your attention to the forward-looking statement showing on the screen and available in today’s earnings release and presentation.

So with that, I give the word to you, Kristian.

Kristian Johansen

Thank you, Bard, and welcome to the presentation. So before I start on the first slide, so that TGS-PGS merger completed on July 1st last year, so all financial numbers in this presentation are based on pro forma numbers, unless stated otherwise. Financial numbers are also based on POC, or percentage of completion, for ongoing multi-client projects, unless otherwise stated.

So with that, I’m going to hit the highlights of Q4. So we had total revenues of $492 million in the quarter. That’s up by about 19% from $414 million in Q4 of 2023. Our EBITDA for the quarter was $267 million, and that compares to $243 million in Q4 of 2023. We had an EBIT of $92 million that compares to $47 million in Q4 of 2023, so pretty much a doubling of our EBIT and an EBIT margin of about 19%. We also successfully completed a balance sheet refinancing of the existing PGS debt at very attractive terms. And as you