Q1 2023 TGS ASA Earnings Call Transcript
Good morning, and welcome to the Q1 2023 Earnings Release from TGS. My name is Kristian Johansen. I'm the CEO of TGS. And with me today, we have our CFO, Sven Borre Larsen, who's going to go through the financial section of the presentation. So I'll start by referring to our forward-looking statements that you can read after the presentation and then hit the financial highlights right away. So we had total POC revenues of $229 million in the quarter. That compares to about $114 million in Q1 of 2022, so an increase of about 100%. We had late sales of $46 million in Q1. That's down relative to $76 million in the same quarter of last year, and this is partly due to the transfer fees that we collected in Q1 of 2022.
We had early sales of $98 million compared to $34 million, so almost a 300% increase from Q1 of 2022. And then we're also really pleased to see that our Acquisition Business Unit, so the former Magseis Fairfield had net revenues of $79 million, but gross revenues of $97 million in the quarter, and that's an 18% growth in net revenues and the
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