TGS sees record-high OBN contract activity following merger with PGS

(offshore-energy.biz) Norway-based energy data and intelligence company TGS has reported record-high ocean bottom node (OBN) contract activity in the third quarter of 2024, the first quarter including PGS, with the utilization of its streamer fleet improving on high bid activity.

In Q3 2024, TGS said that the activity level within OBN acquisition was historically high, generating revenues of $126.9 million, whereof almost all came from external customers, compared to $126.4 million in Q3 2023 which included $8.8 million of equipment sales.

After accounting for shared services and elimination of internal transactions, produced revenues amounted to $500.9 million, up from $292.5 million in Q3 2023, while produced EBITDA was $280 million versus $169.6 million in the third quarter of last year and produced operating profit (EBIT) $104.4 million compared to $67.9 million.

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