Tgs Asa S/Adr (TGSGY) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

and welcome to TGS Q1 2025 results presentation. My name is Bart Steinberg, Vice President of Investor Relations and Business Intelligence in TGS. Today's presentation will be given by CEO Christian Johansen and CFO Sven-Berg Larsen. Before we start, I would like to give some practical information. For those of you on the webcast, you can type in your questions during the presentation and we will address those after management's concluding remarks. For those of you in Oslo, there's no need for a microphone, so the sound feeds automatically into the system. 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. Please study that carefully. So with that, it's my pleasure to give the word to you, Christian. Thank you, Bård. And let's hit the Q1 highlights right away. So we had total revenues of about $451 million. That compares to $433 million in the same quarter of last year. And those numbers are obviously pro forma for PGS and TGS. EBITDA of $258 million compared to $239 million in Q1 of 2024. And these numbers are driven by strong multi-client performance. We had particularly strong sales and high interest for data in frontier areas, which is great to see that our clients are finally coming back to frontier areas in their exploration efforts. Significant year-over-year improvement in asset utilization also helped on the numbers, which means that we had a net cash flow of $78 million in the quarter, which means that our net debt is now down to a level of about $450 million. So again, a solid balance sheet, which allows for stable dividends of US dollar 0.155 per share. I'll give you a brief business update and look at the acquisition activity in Q1 of 2025 as well. An...