TGS has seen red numbers in the third-quarter 2020 with revenues down some 64 per cent amid challenging seismic market conditions.
Norwegian seismic player reported net loss for the third quarter 2020 of $71 million, against $40 million profit same time last year.
This corresponds to EPS of negative 60 cents, versus fully diluted EPS of 36 cents in Q3 2019.
TGS has generated revenues of some $58 million, down from $162 million in the prior-year comparable period.
Segment net revenues were $81 million, down 69 per cent versus Q3 2019.
Segment revenues base on percentage of completion, while the IFRS accounts recognise revenues after project delivery.
Amortization and impairment of the multi-client library amounted to $125.5 million in Q3 2020, up from $64 million in Q3 2019.
Of this, impairments amounted to $1.1 million in Q3 2020 and none in Q3 2019.
TGS’ backlog amounted to $102 million at the end of Q3 2020.
This compares with $98 million at the end of Q2 2020 and $117 million at the end of Q3 2019.
TGS board of directors has resolved to pay a dividend of $0.125 per share in Q4 2020. The dividend will be paid in the form of NOK 1.17 per share on 19 November 2020.
Cutting costs
Personnel costs were $12.2 million, a decrease of 57 per cent compared to $28.7 million in Q3 2019. Other operating expenses amounted to $5.1 million, compared to $10.4 million in Q3 2019.