Norwegian geotechnical company TGS more than doubled its sales and operating profit in the third quarter, compared to the previous year. The strong result includes PGS, which has been integrated into the business for the first time. All figures are reported under IFRS.

Revenue rose to USD 451.1 million (225.4).

Operating profit was USD 59.9 million (26.2), with an operating margin of 13.3 percent (11.6).

Profit after tax was USD 37.5 million (16.8), and per share USD 0.19 (0.13).

Free cash flow amounted to USD 54.0 million (31.7).

Order inflow amounted to 423 million dollars (355).

The following comment is given on the PGS merger.

"We have completed the post-merger reorganization and are ahead of schedule in realizing annual synergies of between $110 and $130 million," said CEO Kristian Johansen.

When it comes to the outlook, the following comment is made.

"As some planned multi-client projects have been postponed to 2025, we now expect organic multi-client investments to be around $425-450 million pro-forma in 2024, compared to previous guidance of $450-500 million".

TGS, USD MILLIONQ3-2024 Q3-2023 Change in
Net sales 451,1 225,4 100,1%
Operating profit/loss 59,9 26,2 128,6%
Operating margin 13,3% 11,6%
Net profit/loss 37,5 16,8 123,2%
Earnings per share, USD 0,19 0,13 46,2%