TGSNF - TGS ASA (TGSNF) Q2 2024 Earnings Call Transcript
2024-07-18 18:09:07 ET
TGS ASA (TGSNF)
Q2 2024 Results Conference Call
July 18, 2024 3:00 AM ET
Company Participants
Bard Stenberg - Vice President of Investor Relations
Kristian Johansen - Chief Executive Officer
Sven Larsen - Chief Financial Officer
Presentation
Bard Stenberg
Good morning, and welcome to TGS Q2 2024 Results Presentation. My name is Bard Stenberg, Vice President of Investor Relations in TGS. Today's presentation will be given by CEO, Kristian Johansen; and CFO, Sven Borre Larsen. Before we start, I would like to draw your attention to the forward-looking statements showing on the screen and available in today's presentation and earnings release. You can also start typing in questions during the presentation, and I will address those questions to management after their concluding remarks.
So with that, I give the word to you, Kristian.
Kristian Johansen
Thank you, Bard. So I hit the highlights right away. So TGS had POC revenues. And this is stand-alone TGS. POC revenues of $215 million in Q2. That compares to $241 million in Q2 of 2023. Our late sales were $66 million. That's up from $63 million in the same quarter of last year. And then we had early sales of $49 million, which compares to $66 million of last year, but the early sales rate is up from 77% last year to 94% in Q2 of this year, signaling that we had a combination of strong prefunding of new projects and also healthy sales of existing projects that are still in the acquisition of processing phase. We had proprietary revenues of $100 million compared to $113 million in the same quarter of last year, and we had an EBIT of $28 million in Q2. That compares to $39 million in the same quarter of last year.
One number that particularly stands out in Q2 this year is the strong contract inflow, where we had $368 million signed of new contracts during Q2. And that takes our total backlog up to more than $600 million, so $611 million after the -- after Q2, and this does not include PGS. And talking about PGS. The PGS transaction were completed on July 1, 2024. So after about 9 months of careful planning, we're now in the execution phase of that. We have selected managers now at the L1 and L2 level. And we're continuing now down the ranks. We're realizing substantial synergies from this transaction, and that's partly going to driven by moving into the same offices by October 1 this fall....
TGS ASA (TGSNF) Q2 2024 Earnings Call Transcript