In the early hours of February 20, 2025, TGS ASA (OTCQX: TGSNF) had its Q4 2024 Earnings Conference Call. Participants in the call included Bard Stenberg, Vice President of Investor Relations, along with Kristian Johansen, CEO, and Sven Børre Larsen, CFO, representing the company. On the other side were conference call participants like Cristopher Møllerløkken from SpareBank 1 and John Olaisen from ABG Sundal Collier.
Bard Stenberg kicked off the session, welcoming everyone to the presentation. He noted that the day’s presentation would be steered by Kristian Johansen and Sven Børre Larsen. Before diving into the main discussion, Bard provided a bit of housekeeping: for those tuning in via the webcast, there was an option to type questions throughout the presentation, which would be addressed after the management concluded their remarks. Bard also pointed out the presence of a forward-looking statement visible on the screen and available within the day’s earnings release and presentation materials.
Kristian Johansen then took over, opening with a word of thanks to Bard and welcoming everyone to the session. Before diving into the slides, he mentioned the successful completion of the TGS-PGS merger on July 1 of the previous year. As a result, the financial figures presented were based on pro forma numbers, unless stated otherwise, and included percentage of completion (POC) for ongoing multi-client projects.
Diving into the quarter’s high points, they reported revenues totaling $492 million—a solid increase of about 19% from the previous year’s Q4 figure of $414 million. The EBITDA for the period stood at $267 million, up from $243 million in Q4 2023. Meanwhile, EBIT reached $92 million, nearly doubling the $47 million reported in the same quarter of the previous year, resulting in an EBIT margin of about 19%. They also shared the success of refinancing the existing PGS debt on very favorable terms.
