Transportadora de Gas del Sur SA (TGS) 2024 Q2 法說會逐字稿

Good morning. And welcome to TGS Q2 2024 results presentation. My name is Bård Stenberg, Vice President of Investor Relations in TGS. Today's presentation will be given by CEO, Kristian Johansen; and CFO, Sven Børre Larsen.

早安.歡迎來到 TGS 2024 年第二季業績發表會。我叫 Bård Stenberg，TGS 投資人關係副總裁。今天的演講將由執行長克里斯蒂安約翰森 (Kristian Johansen) 發表；財務長 Sven Bärre 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.

在我們開始之前，我想提請您注意螢幕上顯示的以及今天的演示和收益發布中提供的前瞻性聲明。您也可以在演示期間開始輸入問題。在管理階層發表結論性意見後，我將向他們提出這些問題。

So with that, I give the word to you, Kristian.

因此，我向你保證，克里斯蒂安。

Thank you, BÃ¥rd. 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.

謝謝你，伯德。所以我立刻抓住了亮點。所以TGS有POC收入。這是獨立的 TGS。第二季 POC 營收為 2.15 億美元。相比之下，2023 年第二季的銷售額為 2.41 億美元。我們的後期銷售額為 6600 萬美元。這高於去年同期的 6,300 萬美元。然後，我們的早期銷售額為 4900 萬美元，而去年為 6600 萬美元，但早期銷售率從去年的 77% 上升到今年第二季度的 94%，這表明我們擁有強大的前期資金組合新項目以及仍處於收購和加工階段的現有項目的健康銷售。我們的自營收入為 1 億美元，而去年同期為 1.13 億美元。第二季我們的息稅前利潤為 2,800 萬美元，而去年同期為 3,900 萬美元。

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 nine 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.

今年第二季特別引人注目的一個數字是強勁的合約流入，第二季我們簽署了 3.68 億美元的新合約。這使得我們的總積壓金額達到了 6 億多美元，即第二季之後的 6.11 億美元，這不包括 PGS。並談論 PGS。PGS交易於2024年7月1日完成。因此，經過大約九個月的仔細規劃，我們現在正處於執行階段。我們現在已經選出了 L1 和 L2 級別的經理。現在我們正在繼續排名下降。我們正在從這項交易中實現巨大的協同效應，而這在一定程度上是由於今年秋天 10 月 1 日搬入同一辦公室所帶來的。

So if we move to the recent highlights, again, the quarter has been really good in terms of signing new contracts. I'm going to go through some of these contracts right now. First slide here is showing the data acquisition activity that we had in Q2 of 2024. And we've added the PGS vessel operations to this picture. And you see that it's an extremely busy slide with about 22 different operations in Q2 of 2024.

因此，如果我們再次關注最近的亮點，本季在簽署新合約方面確實表現出色。我現在要審查其中一些合約。這裡的第一張投影片顯示了我們在 2024 年第二季的資料收集活動。我們已將 PGS 船隻操作新增至這張圖片。您會看到，這是一張極其繁忙的幻燈片，在 2024 年第二季約有 22 項不同的操作。

What the picture also shows you is phenomenal breadth of our business, where we have substantial business activities in all the major basins of the world. You see the mix of PGS and TGS, where PGS is particularly strong in the Northern side of the Atlantic Margin, where TGS stands out, particularly in the US Gulf of Mexico and the Southern Hemisphere of the Atlantic Margin. So a lot of activity in the Atlantic Margin. You see all the dots on the picture there. Also quite substantial activity in Asia Pacific, and this would be particularly countries such as Indonesia and Malaysia for Q2 of 2024.

圖片也向您展示了我們業務的驚人廣度，我們在世界所有主要盆地都有大量的業務活動。你可以看到PGS和TGS的混合，其中PGS在大西洋邊緣的北側特別強，而TGS則表現突出，特別是在美國墨西哥灣和南半球的大西洋邊緣。大西洋邊緣有很多活動。你可以看到圖片上的所有點。亞太地區的活動也相當可觀，尤其是 2024 年第二季的印尼和馬來西亞等國家。

So some of the projects that we have signed up recently. In the multi-client business, we have an onshore 3D seismic survey in the Eastern US. This survey covers about 200 square kilometers on the western flank of the Appalachian Basin. It's actually utilizing about 75,000 of our existing wells and 145,000 well logs from our existing libraries. So again, it shows you a lot of the synergies that we have internally by having all these data all over the world. And in this particular case, we're talking about the well log data library, where we have more than 10 million wells digitized and collected all over the world, but obviously being very strong in North America.

這是我們最近簽約的一些項目。在多客戶業務中，我們在美國東部進行陸上 3D 地震勘測。此次勘測涵蓋阿巴拉契亞盆地西側約 200 平方公里的區域。它實際上利用了我們現有庫中的約 75,000 口井和 145,000 份測井記錄。再次，它向您展示了我們透過在世界各地擁有所有這些數據而在內部產生的許多協同效應。在這個特殊案例中，我們談論的是測井資料庫，我們在世界各地數位化和收集了超過 1000 萬口井，但顯然在北美非常強大。

This survey includes seismic subsurface imaging. So we're doing imaging on this, well performance data, formation tops, and also basin temperature modeling. It targets multiple exploration zone -- zones, and the acquisition begins in Q4 of this year, where we will have preliminary data available by Q1 of next year and final data sometime by Q3 of 2025. Again, the project is supported by strong industry funding.

該勘測包括地震地下成像。因此，我們正在對其進行成像、油井性能數據、地層頂部以及盆地溫度建模。它的目標是多個勘探區，收購將於今年第四季開始，我們將在明年第一季之前獲得初步數據，並在 2025 年第三季之前獲得最終數據。同樣，該項目得到了強大的行業資金的支持。

I'm particularly pleased to announce a new award in imaging. This is a four-year software licensing agreement for our Imaging AnyWare imaging software. So it's a multiyear software contract with Shell to enhance the data processing and analytics. And Shell's plan is to migrate from in-house software to our Imaging AnyWare. And it really underscores the software sophistication, performance, and analytics. This is a software that we inherited from the acquisition of ION. And then, we've spent both time and capital resources to develop it further. And again, very pleased to see our first major contract in terms of licensing this software. So kind of a new business area for TGS. So we have an existing software that is very efficient and working out very well for us, and now clients see the benefits of that and start to show interest in licensing this software.

我特別高興地宣布獲得成像領域的新獎項。這是我們的 Imaging AnyWare 成像軟體的四年期軟體授權協議。因此，這是與殼牌簽訂的多年軟體合約，旨在增強數據處理和分析能力。殼牌的計劃是從內部軟體遷移到我們的 Imaging AnyWare。它確實強調了軟體的複雜性、效能和分析。這是我們收購ION後繼承的一個軟體。然後，我們花了時間和資本資源來進一步發展它。再次，非常高興看到我們關於該軟體許可的第一份重大合約。這對 TGS 來說是一個新的業務領域。因此，我們現有的軟體非常高效，並且對我們來說效果很好，現在客戶看到了它的好處，並開始對許可該軟體表現出興趣。

So this is more than a software sale and licensing agreement. It's a long-term collaboration. And we're aiming to improve imaging quality, reducing turnaround time, and lower cost. And we're working very closely with our clients to improve in those areas.

因此，這不僅僅是一份軟體銷售和授權協議。這是一個長期的合作。我們的目標是提高成像品質、縮短週轉時間並降低成本。我們正在與客戶密切合作，以在這些領域進行改進。

Next one is on the contract side. So we have two new OBN contracts announced recently. One is in North America. This is a six-month or slightly more than six-month contract. Contract is with a major. It's a returning client. It's a company who's been working with us in North America before. So it's particularly promising, of course, to see clients come back to TGS. This survey is expected to deliver high-quality seismic data to drive decision-making for that client, and it really reinforces our strong position in North America.

下一個是合約方面。我們最近宣布了兩份新的 OBN 合約。其中之一是在北美。這是一份為期六個月或略長於六個月的合約。合約是與專業的。這是一個回頭客。這是一家之前在北美與我們合作過的公司。因此，當然，看到客戶回到 TGS 是特別有希望的。這項調查預計將提供高品質的地震數據，以推動該客戶的決策，並且它確實鞏固了我們在北美的強勢地位。

We also had a contract, an OBN contract in West Africa announced this morning. We're extending our deepwater OBN campaign well into Q4 of 2024. So we feel most of that white space that we had for that particular crew. And again, same thing, this delivers industry-leading seismic data for more and better decision-making capabilities for that particular client.

我們還有一份合同，今天早上宣布的西非 OBN 合約。我們將把深水 OBN 活動延長至 2024 年第四季。因此，我們感受到了為特定工作人員提供的大部分空白。同樣，這可以提供業界領先的地震數據，為特定客戶提供更多更好的決策能力。

Moving on to new energy solutions, and this is obviously where we see the part of the benefits with merging with PGS. So we see a lot of synergies between the two different businesses. The first contract is ultra-high resolution 3D in Europe. It's a 45-day contract. It's awarded in Q3 to support offshore wind and data characterization. We're going to use the Ramform Vanguard, and the survey is going to begin in Q3 this year. We will manage the data imaging in-house. And again, this technology of ultra-high resolution 3D will enhance the detailed subsurface data for shallow targets and offer superior efficiency and shorter lead times for the clients.

轉向新能源解決方案，這顯然是我們看到與 PGS 合併的部分好處的地方。因此，我們看到兩個不同業務之間存在著許多協同效應。第一份合約是歐洲的超高解析度 3D。這是一份為期 45 天的合約。該項目於第三季授予，用於支援離岸風電和數據表徵。我們將使用 Ramform Vanguard，調查將於今年第三季開始。我們將在內部管理資料成像。同樣，這項超高解析度 3D 技術將增強淺層目標的詳細地下數據，並為客戶提供卓越的效率和更短的交貨時間。

Project really underscores a growing offshore wind site characterization market. So we've been following PGS for quite some time and seen some of those or noticed some of those contracts that PGS have signed over the past 12 months to 18 months and obviously, looking forward to be part of that. And this is a rapidly growing market, where both PGS, but also TGS through the acquisition of Magseis have very strong market positions and in a market that will continue to grow for the next decades.

該項目確實凸顯了不斷增長的海上風場特徵市場。因此，我們已經關注 PGS 相當長一段時間了，並且看到了其中一些或註意到 PGS 在過去 12 個月到 18 個月內簽署的一些合同，顯然，我們期待成為其中的一部分。這是一個快速成長的市場，PGS 以及透過收購 Magseis 獲得的 TGS 都擁有非常強大的市場地位，而這個市場在未來幾十年將繼續成長。

On top of that, we announced a Wind and Metocean Campaign Offshore California. This is a new measurement campaign off the Central Coast of California, and you see the map in the lower left-hand corner. It's a three-year initiative to support floating wind farm development. And this is one of these projects where we use these LiDAR buoys to provide crucial data on wind speed, wave heights, ocean currents, and different types of data relevant for wind developers. The data will be accessible through our Wind AXIOM platform. It's a digital platform that clients can access directly, and it supports, of course, investments and planning decisions for future offshore wind projects.

最重要的是，我們宣佈在加州近海進行風能和氣像海洋運動。這是在加州中央海岸附近進行的一項新測量活動，您可以在左下角看到地圖。這是一項為期三年的舉措，旨在支持浮動風電場的開發。這是我們使用這些光達浮標提供風速、波高、洋流以及與風力開發商相關的不同類型數據的關鍵數據的項目之一。這些資料可透過我們的 Wind AXIOM 平台存取。這是一個客戶可以直接訪問的數位平台，當然，它支持未來離岸風電專案的投資和規劃決策。

It marks our ninth LiDAR deployment in two years and really highlighting our commitment to offshore wind energy advancement. And we already start to see the synergies between the two. So we -- if you look at all these LiDAR deployments that we've done and also the asset-based high resolution 3Ds that we're doing with either Magseis or PGS, there's a lot of synergies between the two. And we're starting to build a quite substantial data library also for offshore wind, which is great to see. And it really, really tells the story of TGS being able to adapt to the changes in the market and take advantage of growth in areas outside the traditional oil and gas.

這標誌著我們兩年內第九次部署光達，真正凸顯了我們對離岸風能發展的承諾。我們已經開始看到兩者之間的協同作用。因此，如果你看看我們已經完成的所有這些 LiDAR 部署，以及我們使用 Magseis 或 PGS 進行的基於資產的高解析度 3D，就會發現兩者之間有很多協同作用。我們開始為離岸風電建立一個相當大的資料庫，這是很高興看到的。它確實非常真實地講述了 TGS 能夠適應市場變化並利用傳統石油和天然氣以外領域的成長的故事。

So let's hand it over to the financials, and Sven Børre is going to go through that. And then, I will be back for the outlook section. Thank you very much.

因此，讓我們把它交給財務部門，斯文貝爾將負責處理這個問題。然後，我將回到展望部分。非常感謝。

Thank you for that, Kristian. And good morning, everyone. As Kristian already said, the PGS transaction closed on July 1. It means that for financial purposes, we did not include PGS in our Q2 P&L, and it's not included in June 30 balance sheet either. So the only traces you will find of PGS in these numbers are some one-off transactions costs that have been charged $6.2 million in this quarter.

謝謝你，克里斯蒂安。大家早安。正如克里斯蒂安已經說過的，PGS 交易於 7 月 1 日結束。這意味著出於財務目的，我們沒有將 PGS 納入第二季損益表，也沒有將其納入 6 月 30 日的資產負債表中。因此，您在這些數字中唯一能找到的 PGS 痕跡是一些一次性交易成本，本季已收取 620 萬美元。

So I'll start by going through the revenue numbers. So you can see early sales on the top left-hand chart. We had $49 million in the quarter. It is a bit down compared to what we saw last year and also what we -- in Q3 last year and also to what we saw in Q1, and that has to do with a lower investment level. We still have a very high early sales rate of 94%. So our customers still show a lot of interest in the -- in this -- in the new surveys that we are acquiring. And we expect, of course, early sales to increase in the second half of the year in line with increased multi-client investments.

因此，我將首先查看收入數據。因此，您可以在左上角的圖表中看到早期銷售情況。本季我們的營收為 4900 萬美元。與我們去年看到的情況以及去年第三季和第一季看到的情況相比，這一數字略有下降，這與投資水平較低有關。我們的早期銷售率仍然很高，達到 94%。因此，我們的客戶仍然對我們正在獲得的新調查表現出極大的興趣。當然，我們預計，隨著多客戶投資的增加，下半年的早期銷售將會增加。

So for late sales on the top right-hand chart, we recognized $66 million of multi-client late sales in the quarter. It's a bit up compared to Q2 of last year and slightly down compared to Q1. You should note that there were no special triggering events in the quarter. So no significant licensing rounds driving sales and no transfer fees. So it's a pretty clean number in that respect.

因此，對於右上角圖表中的後期銷售，我們確認本季的多客戶後期銷售為 6,600 萬美元。與去年第二季相比略有上升，與第一季相比略有下降。您應該注意到，本季沒有特殊的觸發事件。因此，沒有重大的許可輪次推動銷售，也沒有轉讓費。所以從這方面來說這是一個相當乾淨的數字。

On proprietary sales revenue, on the bottom left-hand chart, you can see that we recognized $100 million in this quarter. It's significantly up compared to Q1. And also looking ahead to Q3, we continue to expect strong sequential increase. And then, this resulted in total revenues of $215 million, a little bit down from the $227 million that we had in Q1 and also down from the $241 million that we showed in the same quarter of last year.

關於自營銷售收入，在左下角的圖表中，您可以看到我們在本季度確認了 1 億美元。與第一季相比顯著上升。展望第三季度，我們繼續預計將出現強勁的環比增長。然後，這導致總收入為 2.15 億美元，略低於第一季的 2.27 億美元，也低於去年同期的 2.41 億美元。

If you look at POC revenues by business unit, we see multi-client and imaging combined had $107 million in the quarter, a bit down compared to the same quarter of last year due to lower early sales, mostly. Digital energy solutions continued to show very strong underlying growth, although it is a bit lumpy from quarter-to-quarter. So this quarter, we had $16 million of revenues in the digital energy solutions business unit, which is -- which represents 62% growth compared to the same quarter of last year.

如果你按業務部門查看 POC 收入，我們會發現本季多客戶端和影像業務的總收入為 1.07 億美元，與去年同期相比略有下降，主要原因是早期銷售額較低。數位能源解決方案繼續顯示出非常強勁的潛在成長，儘管與季度相比有點不穩定。因此，本季度，我們數位能源解決方案業務部門的營收為 1,600 萬美元，與去年同期相比成長了 62%。

Then, for the acquisition business unit, which is -- which includes our OBN activities. We had $92 million of revenues this quarter, a little bit down compared to the $107 million that we had in the same quarter of last year but significantly up compared to the Q1 level. And as you can see, we had very limited internal activity. These are projects where we use our own OBN activities for -- or our own OBN capacity for multi-client projects. So only $1 million worth of that kind of activity in this quarter.

然後，對於收購業務部門，這包括我們的 OBN 活動。本季我們的營收為 9,200 萬美元，與去年同期的 1.07 億美元相比略有下降，但與第一季的水準相比大幅上升。正如您所看到的，我們的內部活動非常有限。在這些專案中，我們使用我們自己的 OBN 活動，或將我們自己的 OBN 能力用於多客戶專案。因此，本季此類活動的價值僅為 100 萬美元。

Then, moving on to the cost side of the business. Cost of sales, $42 million. Here, you should note that it should be seen in context with the IFRS 16 depreciation related to vessels that we use in these operations that we have leased on contracts that last more than 12 months. I'll come back to that later. But you can see this number increase a little bit sequentially in the quarter to $42 million from $35 million in Q1. And that, of course, has to do with the higher activity level.

然後，轉向業務的成本方面。銷售成本為 4200 萬美元。在這裡，您應該注意，它應該與我們在這些業務中使用的船舶相關的 IFRS 16 折舊結合起來看待，這些船舶是我們以超過 12 個月的合約租賃的。我稍後會回來討論這個問題。但您可以看到這個數字在本季度略有增加，從第一季的 3500 萬美元增加到 4200 萬美元。當然，這與較高的活動量有關。

On personnel costs, we stay steady at $32 million, which is the same level as you've seen in the past few quarters.

在人員成本方面，我們穩定在 3,200 萬美元，與過去幾季的水準相同。

Other operating expenses were $20 million in the quarter. But here, you should note that it includes a little bit more than $6 million in nonrecurring costs related to the PGS transaction. Going forward, this number, the nonrecurring transaction-related costs should be much lower. So we don't expect to charge more than a few millions in the next couple of quarters.

該季度其他營運費用為 2000 萬美元。但在這裡，您應該注意，它包括略高於 600 萬美元的與 PGS 交易相關的非經常性成本。展望未來，這個數位、非經常性交易相關成本應該會低很多。因此，我們預計在接下來的幾季中收取的費用不會超過數百萬美元。

And this gave an EBITDA of $121 million in the quarter compared to $132 million in the same quarter of last year. And if you adjust for the nonrecurring transaction costs, we had approximately $128 million or $127 million of EBITDA in the quarter.

本季的 EBITDA 為 1.21 億美元，去年同期為 1.32 億美元。如果調整非經常性交易成本，本季我們的 EBITDA 約為 1.28 億美元或 1.27 億美元。

Looking at the amortization, it's pretty normal given the level of early sales that we had in the quarter. So the straight-line amortization remains steady at around $40 million, $39 million in this quarter. And the POC accelerated amortization, which is mostly related to early sales, came in at $22 million in the quarter and no impairments were charged in this quarter.

從攤銷來看，考慮到我們本季的早期銷售水平，這是很正常的。因此，直線攤銷穩定在 4,000 萬美元左右，本季為 3,900 萬美元。POC 加速攤銷（主要與早期銷售相關）在本季達到 2,200 萬美元，本季沒有提列減損準備。

On the depreciation side, we had $33 million recognized in this quarter. You can see a step-up in depreciation from between Q3 and Q4 of last year, and that is related to these IFRS 16 leases that we entered into at that point in time. So of the $33 million, it's approximately $20 million of IFRS 16 leases included in that number. But again, I'm coming back to more details on that on a later page.

在折舊方面，本季我們確認了 3,300 萬美元。您可以看到去年第三季和第四季之間的折舊有所增加，這與我們當時簽訂的這些 IFRS 16 租賃有關。因此，在 3,300 萬美元中，大約有 2,000 萬美元是 IFRS 16 租賃費用。但我會在後面的頁面上再次討論更多細節。

This gave us an operating result of $28 million in the quarter, which is $34 million, if you adjust for the nonrecurring transaction costs that were charged in the quarter.

這使我們本季的營運業績達到 2,800 萬美元，如果調整本季收取的非經常性交易成本，則為 3,400 萬美元。

Looking at the multi-client investments, they were $52 million in the quarter, and the early sales rate was 94%, as I alluded to earlier as well compared to 77% early sales rate and $86 million of multi-client investments in the same quarter of last year. So we are going to -- we haven't updated the multi-client investment guidance for this year following the closing of the PGS transaction. We intend to do that on the Capital Markets Day on August 29. But for Q3, you should expect multi-client investments to come up to around $120 million. But we will return with more details on that in the Capital Markets Day.

從多客戶投資來看，本季投資額為5,200 萬美元，早期銷售率為94%，如我先前所提到的，相較之下，同一季度的早期銷售率為77%，多客戶投資為8,600萬美元。因此，在 PGS 交易結束後，我們尚未更新今年的多客戶投資指南。我們打算在 8 月 29 日資本市場日這樣做。但對於第三季度，您預計多客戶投資將達到 1.2 億美元左右。但我們將在資本市場日提供更多詳細資訊。

And then, if we look at the cost of sales and the IFRS 16 adjustment, you see that we had, as we also discussed earlier, $40 million of cost of sales in this quarter. But in order to analyze the underlying profitability of our proprietary revenues, you also need to include the IFRS 16 depreciation related to vessels that we have on lease for more than 12 months.

然後，如果我們查看銷售成本和 IFRS 16 調整，您會發現，正如我們之前討論的那樣，本季度的銷售成本為 4000 萬美元。但為了分析我們自營收入的基本獲利能力，您還需要包含與我們租賃超過 12 個月的船舶相關的 IFRS 16 折舊。

So if you include that, that -- or that, that accounted for $20 million in addition. And including that, we had a gross margin of 34% on our proprietary activities. So a strong development in the gross margin, which is a testament to the strong operational performance in the OBN business.

因此，如果算上那個，那個——或者那個，那就額外增加了 2000 萬美元。其中，我們自營事業的毛利率為 34%。毛利率的強勁成長證明了 OBN 業務的強勁營運表現。

And then, although PGS has not been included in our Q2 numbers, we are showing here some -- a quick summary of PGS' financials for Q2 on a stand-alone basis. You will find more details about this in the appendix. So this slide just shows a quick summary of the highlights.

然後，儘管 PGS 尚未包含在我們的第二季度數據中，但我們在這裡展示了一些 - PGS 第二季度獨立財務數據的快速摘要。您將在附錄中找到有關此內容的更多詳細資訊。因此，這張投影片僅顯示了亮點的快速摘要。

You can see on the top left-hand chart, a summary of the POC revenues or produced revenues as PGS used to call it. Contract revenues constituted $74 million in the quarter. Prefunding revenue were $59 million. Late sales, $41 million. And imaging and other types of revenues accounted for $5 million, $179 million in total. This is to be compared with $186 million in the same quarter of last year.

您可以在左上角的圖表中看到 POC 收入或 PGS 過去所說的生產收入的摘要。該季度的合約收入為 7400 萬美元。預籌資金收入為 5,900 萬美元。後期銷售額為 4,100 萬美元。影像和其他類型的收入佔 500 萬美元，總計 1.79 億美元。相比之下，去年同期為 1.86 億美元。

EBITDA in PGS was $71 million in the quarter, but you should note that this included one-off transaction costs related to the merger of approximately $13 million. So $84 million in EBITDA, if you adjust for the one-off transaction costs.

本季 PGS 的 EBITDA 為 7,100 萬美元，但您應該注意，這包括與合併相關的一次性交易成本約 1,300 萬美元。如果考慮一次性交易成本，那麼 EBITDA 為 8,400 萬美元。

And same on the operating result also include the same nonrecurring costs, of course, minus $17 million in an POC operating result in the quarter, but minus $4 million adjusting for the nonrecurring items. The multi-client investments in PGS amounted to $46 million and the early sales rate was as high as 130%.

當然，營運績效也包括相同的非經常性成本，該季度的 POC 營運績效減去 1,700 萬美元，但非經常性項目調整後減去 400 萬美元。PGS多客戶投資達4,600萬美元，早期銷售率高達130%。

This slide here shows the bridge between our POC revenues and the IFRS revenue. So the IFRS revenues were a little bit higher than the POC revenues in this quarter. But as you know, the IFRS revenues jumped up and down quite a bit between the quarters and even more so than the POC revenues do.

這張投影片展示了我們的 POC 收入和 IFRS 收入之間的橋樑。因此，本季 IFRS 收入略高於 POC 收入。但如您所知，國際財務報告準則的收入在各個季度之間波動很大，甚至比 POC 的收入還要大。

And this takes us to the IFRS profit and loss, $224 million of revenues, EBITDA of $131 million, operating result of $55 million, result before taxes of $49 million, which -- and after subtracting tax cost of $13.5 million, that gave us a net result of $35.2 million or corresponding to an EPS of $0.27 in the quarter compared to $0.14 -- or sorry, $0.18 in the same quarter of last year.

這讓我們得到了IFRS 損益，2.24 億美元的收入，1.31 億美元的EBITDA，5500 萬美元的經營業績，4900 萬美元的稅前業績，在減去1350 萬美元的稅收成本後，這給了我們一個本季淨利為 3,520 萬美元，相當於每股收益 0.27 美元，而去年同期為 0.14 美元，對不起，每股收益為 0.18 美元。

Then, to the IFRS balance sheet, not too much to note here, other than observing that we continue to have a very strong balance sheet. You should note that the other noncurrent asset line contains the loan that we extended to PGS in Q1 of this year, and we drew down on our RCF to fund that. So there is also $60 million of interest-bearing debt included in the other noncurrent liabilities line. But this will become an intercompany loan, obviously, in -- from now and onwards.

然後，對於國際財務報告準則的資產負債表，除了觀察到我們仍然擁有非常強大的資產負債表之外，這裡沒有太多需要注意的地方。您應該注意到，其他非流動資產項目包含我們在今年第一季向 PGS 提供的貸款，我們動用了 RCF 來為其提供資金。因此，其他非流動負債項目中還包括 6,000 萬美元的有息債務。但顯然，從現在起，這將成為公司間貸款。

Looking at cash flow, you should note that this is the IFRS cash flow and our POC cash flow would look somewhat different line by line. So you see that we had $89 million of net cash flow from operating activities in this quarter. As we talked about earlier, we had $121 million of POC EBITDA in the quarter. So as you can read from that, we had quite a bit of working capital build and build of other preliminary balance sheet items in this quarter.

查看現金流量，您應該注意到，這是 IFRS 現金流量，而我們的 POC 現金流量逐行看起來有些不同。所以你可以看到，本季我們的經營活動產生的淨現金流量為 8,900 萬美元。正如我們之前談到的，本季我們的 POC EBITDA 為 1.21 億美元。正如您可以從中看到的，我們在本季度建立了大量的營運資金和其他初步資產負債表項目。

And this, of course, had a negative impact on cash flow relative to what you otherwise would see. But this levels out over time, and we expect cash flow to be significantly stronger in the second half of the year than it was in the first half of the year. We had net cash flow to -- used in investing activities of $80 million in the quarter, and we had net cash flow to financing activities of minus $41 million in the quarter, which meant that we had a net cash flow negative of $31 million in the quarter, which resulted in a cash balance of $125 million for TGS stand-alone towards the end of the quarter. But as I said, we expect to see significant improvement in cash flow in the second half of the year.

當然，與您原本會看到的情況相比，這對現金流產生了負面影響。但隨著時間的推移，這種情況會趨於平穩，我們預計下半年的現金流將明顯強於上半年。本季用於投資活動的淨現金流量為 8,000 萬美元，本季用於融資活動的淨現金流量為負 4,100 萬美元，這意味著本季我們的淨現金流量為負 3,100 萬美元。 ，TGS 獨立業務的現金餘額為1.25 億美元。但正如我所說，我們預計下半年現金流將顯著改善。

And the Board has resolved to continue to pay a dividend of USD0.14 per share corresponding to NOK1.51 per share this quarter. The ex-date is set to July 25, and the payment date will be on the August 8. And including this dividend, TGS has now returned more than $1.5 billion to our shareholders through dividends and buybacks since we started to pay a dividend in 2010.

董事會決定本季繼續支付每股 0.14 美元的股息，相當於每股 1.51 挪威克朗。除息日為7月25日，付款日為8月8日。包括這筆股息在內，自 2010 年開始支付股息以來，TGS 目前已透過股息和回購向股東返還了超過 15 億美元。

By that, I leave the word back to Kristian, who will take you through the outlook section.

至此，我把話留給克里斯蒂安，他將帶您瀏覽展望部分。

Thank you, Sven. So my first slide is the heading here, stating the obvious oil and gas remain the most important energy source, and you can clearly see that from the bar chart on the left-hand side. So again, there's been a lot of recent long-term forecast for oil and gas, and they've all increased over the past few months.

謝謝你，斯文。所以我的第一張幻燈片是這裡的標題，指出明顯的石油和天然氣仍然是最重要的能源，您可以從左側的條形圖清楚地看到這一點。再說一次，最近對石油和天然氣有很多長期預測，而且在過去幾個月裡它們都有所增加。

The one we're referring to here is BP's World Energy Outlook 2024 that came out a couple of weeks ago. And what it basically says is it points at the combination of energy demand continuing to increase, while clean energy switch slows. And this is finally being updated in all the figures that we see. And as a result, you will see that oil and gas is likely to play an important role in the foreseeable future. It actually keeps growing, as you see with gas. With oil, it keeps growing until 2032-ish. And despite the very strong growth in renewable energy capacity, you will see more oil and gas also in the future. And you will not only see that for the next five years or 10 years, but in the matter of gas, you will see that even growing all the way until 2050.

我們在這裡指的是英國石油公司幾週前發布的《2024 年世界能源展望》。它的基本意思是，它指出能源需求持續增加，而清潔能源轉換速度放緩。我們看到的所有數據終於都更新了這一點。因此，您將看到石油和天然氣可能在可預見的未來發揮重要作用。它實際上一直在增長，正如你在天然氣中看到的那樣。對於石油來說，它會一直成長到 2032 年左右。儘管再生能源產能成長非常強勁，但未來也會看到更多的石油和天然氣。你不僅會在未來五年或十年內看到這種情況，而且在天然氣方面，你會看到這種情況甚至增長到2050年。

What we also see from the chart is that the phasing out of coal is -- although it's a prioritized challenge all over the world, it's -- coal is actually likely to still make up a significant part of the energy mix even in 2050, where you see coal in 2050 is pretty much at the same level as it was back in the 2000.

從圖表中我們也可以看到，儘管煤炭的逐步淘汰是全世界的首要挑戰，但即使到 2050 年，煤炭實際上仍可能在能源結構中佔據重要地位。 2000 年的水準幾乎相同。

If we move on and we look at the US onshore production, what we conclude here is that near-term growth in production in the US onshore is quite unlikely. And we're actually using some of our own data to prove that. So as I said initially, TGS has the largest onshore well database in the world with about 10 million digitized wells. On top of that, we have production data. We have completion data. And we have a lot of other data, which makes us actually better positioned than most others in terms of projecting the future of that market.

如果我們繼續觀察美國陸上產量，我們得出的結論是，美國陸上產量短期內成長的可能性很小。我們實際上正在使用我們自己的一些數據來證明這一點。正如我最初所說，TGS 擁有世界上最大的陸上油井資料庫，包含約 1,000 萬口數位化油井。最重要的是，我們還有生產數據。我們有完成數據。我們還有許多其他數據，這使我們在預測該市場的未來方面實際上比大多數其他人處於更好的位置。

So if you look on the left-hand side, you see that oil and gas production from US onshore has leveled off. It's actually come down quite significantly over the past couple of months. At the same time, the number of drilled and uncompleted wells, which we call DUCs has declined lately, which means that production growth requires significant increase in rig count. And what you see in the middle graph there is that the rig count is not increasing, it's actually come down, and then it's flattened out over the past 12 months.

因此，如果你看左邊，你會發現美國陸上的石油和天然氣產量已經趨於穩定。事實上，在過去的幾個月裡，這一數字已經大幅下降。同時，已鑽井和未完井（我們稱之為 DUC）的數量最近有所下降，這意味著產量成長需要鑽機數量的大幅增加。在中間的圖表中您可以看到，鑽機數量並未增加，實際上有所下降，然後在過去 12 個月內趨於平穩。

So our own DUC estimate is significantly lower than the EIA estimates. And again, I want to highlight that we probably have more data than anyone else in terms of coming up with this estimate. And that suggests even less potential for near-term production growth. So for those of you who expect that US onshore is going to sort the production challenges of the world, our data actually proves them wrong. And we don't think that that's going to be the case.

因此我們自己的 DUC 估計值明顯低於 EIA 估計值。我想再次強調，在做出這項估計方面，我們可能比其他任何人都擁有更多的數據。這顯示近期產量成長的潛力更小。因此，對於那些期望美國陸上將解決世界生產挑戰的人來說，我們的數據實際上證明他們是錯的。我們認為情況不會如此。

We can also see that on the next slide, which shows that the Permian decline rates are increasing. So all production from the Permian, which is by far the largest basin in the onshore US has increased steadily over the past years, as you can see on the -- from the graph on the left-hand side, and that is compensating for decreasing production from other basins.

我們也可以在下一張投影片上看到，這顯示二疊紀的遞減率正在增加。因此，二疊紀盆地（迄今為止美國陸上最大的盆地）的所有產量在過去幾年中穩步增長，正如您從左側圖表中看到的那樣，這是對產量下降的補償其他盆地的產量。

However, as you see on the right-hand side, as drilling activity has intensified, decline rates have increased. And again, this helps to suggest lower growth potential in the long-term even from the important Permian Basin. And again, we're using our own data on this as well, and TGS has a lot of data in these basins and obviously are in a great position to put out estimates as we do today. \

然而，正如您在右側看到的那樣，隨著鑽探活動的加強，遞減率增加。這再次表明，即使是重要的二疊紀盆地，長期成長潛力也較低。再說一次，我們也在這方面使用我們自己的數據，而 TGS 在這些盆地擁有大量數據，顯然非常適合像我們今天一樣做出估計。\

And then, if you look at renewables and CCS or CCUS, this really drives the need for data and insight. You see phenomenal growth in all areas, strong growth in renewable power generation. And with that, you will see an increased need of data-driven decision support to navigate some of these challenges caused by complex regulatory frameworks, technical obstacles, and challenging commercial environment.

然後，如果你看看再生能源和 CCS 或 CCUS，這確實推動了對數據和洞察力的需求。你會看到所有領域都出現了驚人的成長，再生能源發電的強勁成長。隨之而來的是，您將看到對數據驅動的決策支援的需求不斷增加，以應對複雜的監管框架、技術障礙和充滿挑戰的商業環境帶來的一些挑戰。

On the middle graph, you see the solar electricity generation, which is also increasing. It's probably growing faster than any other segment of the renewable industry. And fortunately, TGS is well positioned there as well with the acquisition of Prediktor that we made back in 2022.

在中間的圖表中，您可以看到太陽能發電量也在增加。它的成長速度可能比再生能源產業的任何其他部分都要快。幸運的是，TGS 在這方面也處於有利地位，我們在 2022 年收購了 Prediktor。

What we also know is that reaching net zero goals requires extensive use of carbon capture technologies, and we finally see growth coming there as well. So if you look on the right-hand bar chart, you see two different scenarios presented by BP. You see the current trajectory and you see the net zero assumption. And what you see in both alternatives, although they differ quite a bit, is a phenomenal growth needed in terms of CCS investments between now and 2050 in order to make sure that we can continue to provide the world with energy that it is likely to need.

我們也知道，實現淨零目標需要廣泛使用碳捕獲技術，我們最終也看到了這一領域的成長。因此，如果您查看右側的條形圖，您會看到 BP 呈現的兩種不同場景。您可以看到目前的軌跡，也可以看到淨零假設。儘管兩種方案差異很大，但從現在到 2050 年，CCS 投資都需要顯著增長，以確保我們能夠繼續為世界提供可能需要的能源。

So again, TGS offers high-quality data, insight and software solutions to help clients making better decisions throughout the energy value chain. And I'm particularly proud of the initiatives that we've shown in renewables and CCS over the past few years. And I think the transaction with PGS will strengthen the company even further in terms of being positioned for this growth going forward.

再次強調，TGS 提供高品質的數據、洞察力和軟體解決方案，幫助客戶在整個能源價值鏈中做出更好的決策。我對過去幾年我們在再生能源和 CCS 領域所採取的舉措感到特別自豪。我認為與 PGS 的交易將進一步增強公司的實力，為未來的成長做好準備。

I've been using a lot of TGS specific data in this presentation. You see the bar chart on the left-hand side. This is from TGS own database provided by 4C Offshore. It's an acquisition of a UK company that we acquired back in 2022. You can click on the link at the bottom of the slide, and you will get some of that same data and insight that 4C provides.

我在本次演示中使用了大量 TGS 特定數據。您會看到左側的長條圖。這是來自 4C Offshore 提供的 TGS 自己的資料庫。這是我們在 2022 年收購的英國公司的收購。您可以單擊幻燈片底部的鏈接，您將獲得 4C 提供的一些相同數據和見解。

So very proud of showing the macro session today, where we're actually using a lot of our own data, and it really proves how TGS has moved, diversified the business, and become more of -- more than a data collection company. We're actually a data and insight provider as well. So again, subscribe for unmatched offshore wind intelligence through the TGS 4C Offshore database that you will find at the bottom of this slide.

非常自豪能夠在今天的宏觀會議上展示，我們實際上使用了很多我們自己的數據，它確實證明了 TGS 如何發展、業務多元化，並變得不僅僅是一家數據收集公司。我們實際上也是數據和洞察提供者。再次強調，請透過本幻燈片底部的 TGS 4C 海上資料庫訂閱無與倫比的離岸風電情報。

So moving over to the acquisition activity plan. What you see here is that we're -- and this is again only TGS. It doesn't include PGS. But what you see is that we sold out for Q3 of 2024. So you see a couple of white spots in Q2. And you see one significant white spot in Q1. And again, we had about $100 million of revenues in this business in Q2.

因此，轉向收購活動計劃。您在這裡看到的是，我們——這又只是 TGS。它不包括 PGS。但您看到的是，我們 2024 年第三季的產品已售罄。所以你在第二季看到了幾個白點。您會在第一季看到一個明顯的白點。同樣，第二季我們在這項業務上的收入約為 1 億美元。

As you can read from this, we're sold out. And we have full utilization in Q3. So as Sven alluded to in his presentation, we're going to have a strong quarter for our acquisition business in Q3. And we still have some time to fill up further backlog for Q4, which means that Q4 will probably be a strong end of the year as well.

正如您可以從中看到的，我們已經賣完了。我們在第三季已充分利用。因此，正如斯文在他的演講中提到的那樣，我們的收購業務將在第三季表現強勁。我們還有一些時間來填補第四季的進一步積壓，這意味著第四季也可能是今年的強勁表現。

So very proud about how the team have sorted some of the challenges that we had at the start of the year, but we saw some increased competition from companies who definitely price their services different to what TGS does and -- but we've been able to come back. We've been able to fill a backlog of strong profitable projects, combined with very strong execution of ongoing projects in Q1 and Q2. And that's something clients have realized. And as a result, you see the strongest order inflow ever for the acquisition business in Q2. So very optimistic about this business going forward. I think, again, you will see a couple of quarters now with significant increase in activity compared to the previous two quarters.

對於團隊如何解決我們在年初遇到的一些挑戰感到非常自豪，但我們看到來自公司的競爭加劇，這些公司的服務定價肯定與 TGS 的不同，但我們已經能夠做到回來。我們已經能夠填補大量獲利項目的積壓，第一季和第二季正在進行的項目的執行非常強勁。客戶已經意識到這一點。因此，您會看到第二季收購業務有史以來最強勁的訂單流入。因此對這項業務的未來非常樂觀。我再次認為，與前兩個季度相比，您現在將看到幾個季度的活動顯著增加。

And that is also illustrated on the contract backlog and inflow on this slide. So if you start with a contract inflow of $368 million, is the highest contract inflow we've had since Q4 of 2013. And obviously, everyone who were speculating that our OBN business was not going to grow, we can definitely prove you wrong with our numbers for Q2 in terms of order inflow. And that means that our backlog is very strong, and it's above $600 million as we speak. And that's even before we include PGS to our backlog. So it's definitely going to be a goal for the combined company to build a backlog of close to or above $1 billion, which is quite unique in this setting, and it sets us up really well for the future in terms of growing revenues in 2025 and so on.

這張投影片上的合約積壓和流入也說明了這一點。因此，如果從 3.68 億美元的合約流入開始，這是自 2013 年第四季以來我們的最高合約流入。顯然，對於那些猜測我們的 OBN 業務不會成長的人來說，我們絕對可以證明我們第二季訂單流入數據是錯誤的。這意味著我們的積壓訂單非常多，截至目前為止已超過 6 億美元。這甚至是在我們將 PGS 納入我們的積壓工作之前。因此，合併後公司的目標肯定是建立接近或超過 10 億美元的積壓訂單，這在這種情況下是非常獨特的，並且它為我們在 2025 年收入增長方面奠定了良好的基礎。

You also see on the right-hand side, you see the timing of the expected recognition of our acquisition backlog, and that helps you in terms of phasing out the revenue profile for our acquisition business.

您也可以在右邊看到我們收購積壓的預期確認時間，這有助於您逐步取消我們收購業務的收入狀況。

And then, we have a Capital Markets Day on August 29. It's going to start at 2:00 PM and go from 2:00 PM to 4:00 PM It's going to be at House of Oslo, which is in the Ruseløkkveien 34, and it's followed by live webcast. You're going to meet myself, our CFO, and other executives. And we will address a number of topics such as our unique position and updated strategy for the combined company.

然後，8 月 29 日是資本市場日。活動將於下午 2:00 開始，從下午 2:00 持續到下午 4:00。您將見到我本人、我們的財務長和其他高階主管。我們將討論許多主題，例如我們的獨特地位和合併後公司的最新策略。

We're obviously going to provide more details about the PGS business as well and some of our plans going forward. We're going to show you the most recent energy data market outlook. Our future financial reporting structure is obviously important. Merger synergies, we'll give you an update on that as well. Talking about capital structure and allocation of cash is going to be important for you, and we'll provide more guidance on that. And then, obviously, update our overall guidance and including PGS in that guidance for the remainder of 2024.

顯然，我們還將提供有關 PGS 業務的更多詳細資訊以及我們的一些未來計劃。我們將向您展示最新的能源數據市場前景。我們未來的財務報告架構顯然很重要。合併綜效，我們也會提供您最新情況。談論資本結構和現金分配對您來說很重要，我們將就此提供更多指導。然後，顯然，我們會更新我們的整體指南，並將 PGS 納入 2024 年剩餘時間的指南中。

So with that, I just want to summarize the presentation today. So we had revenues of $215 million, and this is TGS stand-alone. We had early sales rate of 94%. It continues a positive trend we've seen on the early sales rates. And we've invested slightly less. So our investment is going to be back-end loaded for 2024, but we still think we can keep a very high early sales rate on those investments, which means that our revenues and our early sales are going to improve in the second half compared to the first half.

說到這裡，我只想總結一下今天的演講。所以我們的收入是 2.15 億美元，這是 TGS 的獨立收入。我們的早期銷售率為94%。它延續了我們在早期銷售率上看到的正面趨勢。而且我們的投資略有減少。因此，我們的投資將在 2024 年進行後端加載，但我們仍然認為我們可以在這些投資上保持非常高的早期銷售率，這意味著我們的收入和早期銷售將在下半年有所改善。場。

We had an EBIT of $28 million compared to $39 million in the same quarter of last year. Very strong contract inflow. Probably the key highlight of this report is that we had new contracts signed in the quarter of $368 million and a total backlog of more than $600 million, and that doesn't even include PGS. And this is the backlog at the end of Q2.

我們的息稅前利潤為 2,800 萬美元，而去年同期為 3,900 萬美元。合約流入非常強勁。這份報告的主要亮點可能是我們在本季度簽署了 3.68 億美元的新合同，總積壓金額超過 6 億美元，這甚至不包括 PGS。這是第二季末的積壓情況。

And again, very excited about the PGS transaction. It was completed on July 1. We're well into the execution phase of that. And looking forward to come back and talk to you at the Capital Markets Day on August 29 and provide more details about this transaction and our plans going forward.

再次，我對 PGS 交易感到非常興奮。已於7月1日竣工。我們已進入執行階段。期待在 8 月 29 日的資本市場日回來與您交談，並提供有關本次交易和我們未來計劃的更多詳細資訊。

So with that, I want to open up for questions. And obviously, thank you for your attention today.

因此，我想提出問題。顯然，感謝您今天的關注。

Yeah. We have a couple of questions from the web already. (Event Instructions)

是的。我們已經從網路上收到了幾個問題。（活動須知）

So first question is from John Olaisen in ABG. PGS vessel utilization continued to be an issue in Q2. Now, that the vessels are your assets, are you taking any concrete measures to improve the vessel utilization going forward?

第一個問題來自 ABG 的 John Olaisen。PGS 船舶利用率仍然是第二季度的一個問題。現在，船舶是你們的資產，你們今後有沒有採取什麼具體措施來提高船舶利用率？

Yeah. I mean this is part of the rationale for the transaction, and we haven't been able to work together very closely until July 1, of course. So, of course, this is one of the areas where we see substantial synergies. Obviously, we're going to make sure that we utilize PGS vessels for our own projects. That's a low-hanging fruit.

是的。我的意思是，這是交易理由的一部分，當然，直到 7 月 1 日我們才能夠非常密切地合作。因此，當然，這是我們看到巨大協同效應的領域之一。顯然，我們將確保在我們自己的專案中使用 PGS 船隻。這是一個容易實現的目標。

We're going to see synergies in terms of selling OBN and streamers. I think we are already coordinating and combining the sales teams in that regard. And I think we see a very promising market for offshore wind, where TGS probably has lacked some or combination capacity and technology, and it's going to fill an important gap in terms of that as well.

我們將看到銷售 OBN 和串流媒體的協同效應。我認為我們已經在這方面協調和合併銷售團隊。我認為我們看到了一個非常有前途的離岸風電市場，TGS 可能缺乏一些或組合能力和技術，而它也將填補這方面的一個重要空白。

So we're not too concerned about that. I mean, there's only 16, 17 vessels active in the world right now, and PGS represents about seven out of those. So I think unless a market would get any worse in the near or medium future, we think we can definitely be in a good position to increase utilization going forward.

所以我們對此不太關心。我的意思是，目前世界上只有 16、17 艘活躍的船隻，PGS 大約佔其中的 7 艘。因此，我認為除非市場在近期或中期變得更糟，否則我們認為我們絕對可以處於有利位置來提高未來的使用率。

Then, we have a question from Christopher Mollerlokken in SB1 Markets. I know it's still early days, but anything you would like to highlight after you completed the acquisition of PGS early July?

然後，SB1 Markets 的 Christopher Mollerlokken 向我們提出了一個問題。我知道現在還為時過早，但在 7 月初完成對 PGS 的收購後，您有什麼想強調的嗎？

I think we're very excited. I think the cultural integration or the people integration have gone really well so far. I think the cultures are probably more similar than you would expect. Haven't really seen a big of major hurdles in that regard. So I think that's good. Very strong professional organization at both sides, which are obviously great to work with.

我想我們非常興奮。我認為到目前為止，文化融合或人員融合進展得非常順利。我認為這些文化可能比你想像的更相似。在這方面還沒有真正看到很大的障礙。所以我認為這很好。雙方都非常強大的專業組織，顯然非常適合合作。

We see -- yeah, there was a concern about vessel utilization in Q2. I think that's somewhat temporary. I think when I look into Q3, it looks pretty good. If you look at the tender stats of PGS, it looks pretty good going forward. So again, we see more positives than we see negatives. We definitely see substantial synergies between the two. And we'll come back to that at the Capital Markets Day in terms of further details. But so far, so good. We've only owned the company for 18 days, but we're quite excited.

我們看到——是的，人們對第二季的船舶利用率感到擔憂。我認為這有點暫時。我認為當我查看第三季度時，看起來相當不錯。如果你看看 PGS 的招標統計數據，你會發現它的前景相當不錯。同樣，我們看到的正面因素多於負面因素。我們確實看到了兩者之間的巨大協同作用。我們將在資本市場日討論更多細節。但到目前為止，一切都很好。我們擁有這家公司才 18 天，但我們非常興奮。

Next question is from Lukas Daul in Arctic Securities. That's to you, Sven Børre. In Q2, you booked approximately $90 million in merger-related costs. Can you give an indication of how much is remaining for the coming quarters?

下一個問題來自北極證券的盧卡斯‧道爾 (Lukas Daul)。這是給你的，斯文貝爾。在第二季度，您登記了約 9000 萬美元的合併相關成本。您能否透露未來幾季的剩餘金額？

Yeah, it shouldn't be much in terms of the -- in terms of integration costs and all of that. There may be some onerous lease expenses charged and some noncash costs, potentially a little bit of severance expenses. So I would expect maximum a few more million dollars charge mostly in Q3.

是的，就整合成本和所有這些而言，它不應該太多。可能會收取一些繁重的租賃費用和一些非現金費用，可能還有一點遣散費。因此，我預計最多會在第三季收取數百萬美元的費用。

And then, of course, we will pay the dividend compensation part of the proceeds for PGS of approximately $18 million was paid in early July. So that is obviously not charged for the P&L, but it's a cash flow element.

然後，當然，我們將支付 7 月初支付的 PGS 收益中約 1800 萬美元的股息補償部分。因此，這顯然不計入損益表，但它是現金流量要素。

Yes. John Olaisen has a follow-up in terms of the content of the Capital Markets Day, where he assumes that we will come back to how you plan to report financial figures, including PGS figures. But would it be possible to give some indications of the reporting before the Capital Markets Day?

是的。John Olaisen 對資本市場日的內容進行了跟進，他認為我們將回到您計劃如何報告財務數據（包括 PGS 數據）的問題。但是否有可能在資本市場日之前提供一些有關報告的資訊？

We don't want to go in too much detail, but it's natural that we report on different segments like multi-client separately, streamer vessels and OBN separately, imaging separately, NES separately. That's what we're looking at right now. But we are in the evaluation phase of structuring that up, and we will -- we need to be patient. And we will come back with more details.

我們不想透露太多細節，但很自然的是，我們會分別報告不同的細分市場，例如單獨的多客戶端、單獨的拖纜船和 OBN、單獨的成像、單獨的 NES。這就是我們現在正在關注的。但我們正處於建構這個結構的評估階段，我們需要耐心等待。我們會回來提供更多細節。

Then, we have a question from private investor. Is it still your plan to switch from dividends to buybacks following the PGS acquisition?

然後，我們有一個來自私人投資者的問題。收購 PGS 後，您是否仍計劃從股息轉向回購？

Again, that we -- we will come back to that, but it's not likely that we completely switch to buybacks from dividends. We will probably still keep a base level of dividend, but potentially a more active use of buybacks than we have seen before. That's what we can say at that at this stage.

再次強調，我們會回到這一點，但我們不太可能完全轉向股息回購。我們可能仍會維持基本的股利水平，但可能會比以前更積極地利用回購。這就是我們現階段可以說的。

Very good. Then, we have a question from an investor. Following the PGS transaction, the hope is that debt is both paid down fast and the refinance rate on that decreases. It seems obvious for history that PGS only works as a business when there's no debt on the balance sheet. Can you confirm that you intend to have a net cash balance sheet at the earliest possible time?

非常好。然後，我們有一個投資者的提問。在 PGS 交易之後，人們希望債務能夠快速償還，再融資利率也會下降。從歷史上看，PGS 只有在資產負債表上沒有債務的情況下才能作為企業運作，這似乎是顯而易見的。您能否確認您打算儘早擁有淨現金資產負債表？

We are probably not going to all net cash balance sheet. That's not the ambition. But we will prioritize reducing net debt from the initial levels that we will have or had right after closing.

我們可能不會將所有淨現金資產負債表都列出來。這不是我們的野心。但我們將優先考慮從我們將擁有或關閉後立即擁有的初始水平減少淨債務。

So -- but we will -- we feel comfortable, and we think it's right for a company with this structure, this cash flow profile and this asset base to carry some debt but less than we have right now. And again, we will come back with more details at the Capital Markets Day.

所以——但我們會——我們感到很舒服，我們認為對於具有這種結構、這種現金流狀況和這種資產基礎的公司來說，承擔一些債務是正確的，但比我們現在的債務要少。我們將在資本市場日再次提供更多細節。

And then, another question from the investor. That's to you, Kristian. Lots of good news on acquisition here in the presentation, but a little on multi-client projects. Can you give us an indication or some comments on this area, please?

然後，投資人又問了一個問題。那是給你的，克里斯蒂安。簡報中有很多關於收購的好消息，但也有一些關於多客戶專案的好消息。您能給我們一些關於這方面的指示或評論嗎？

Yes, I probably gave an indication that we expect to see investments are going to be significantly higher in the second half of the year than in the first half of the year. I think the increase in order inflow and backlog was not driven by multi-client. So that probably what you can read into that is that there will be some new or hopefully will be some new announcements in multi-client projects between now and the Capital Markets Day.

是的，我可能暗示我們預計下半年的投資將顯著高於上半年。我認為訂單流入和積壓的增加並不是由多客戶驅動的。因此，您可能可以了解到，從現在到資本市場日，多客戶專案將會有一些新的或希望有一些新的公告。

So we're looking at some big multi-client projects that are probably going to start in the second half of the year. Not all of them have been signed up yet, but we are in the phases of signing up some of that. So you can probably expect that we're still going to meet our investment guidance for the year, and you see that we're way short of that if you just double the investments that we had in the first half. So we are going to invest more in the second half as some of that will be announced over the next weeks or months.

因此，我們正在考慮一些可能會在今年下半年啟動的大型多客戶專案。尚未全部簽約，但我們正處於簽約其中一些的階段。因此，您可能會期望我們仍將達到今年的投資指導，並且您會發現，如果您將我們上半年的投資增加一倍，我們就遠遠達不到這一目標。因此，我們將在下半年進行更多投資，其中一些投資將在未來幾週或幾個月內宣布。

Then, we have another question from Lukas Daul in Arctic Securities. You had CapEx, excluding multi-client investments of approximately $20 million per quarter in the first half. What is driving that?

然後，我們有來自北極證券的盧卡斯·道爾（Lukas Daul）的另一個問題。上半年每季的資本支出（不包括多客戶投資）約為 2,000 萬美元。是什麼推動了這一點？

We -- it's on the OBN side. We invested in a new streamer set in this year. That cost us a little bit more than $20 million in total -- $25 million in total. So that's the main explanation why it's been a little bit higher than what you normally would see.

我們——它是在 OBN 這邊。今年我們投資了一套新的主播。我們總共花了 2000 萬美元多一點——總共 2500 萬美元。這就是為什麼它比你通常看到的要高一點的主要原因。

Yes. Basically, new nodes for being used in the North Sea as part of a long-term contract.

是的。基本上，作為長期合約的一部分，在北海使用的新節點。

Yes. Nodes. Yeah.

是的。節點。是的。

Okay. Then, we have a question from Kim André Uggedal in SEB. Can you provide an update on PGS backlog by the end of Q2?

好的。接下來，我們有來自 SEB 的 Kim André Uggedal 的問題。您能否在第二季末提供 PGS 積壓工作的最新情況？

We'll come back to the combined backlog figure by -- at the Capital Markets Day. And again, we've only been together for about 18 days. And part of the reason that we're going to have a Capital Markets Day is to provide more details on the PGS situation.

我們將在資本市場日之前回顧合併的積壓數據。再說一次，我們在一起才大約18天。我們舉辦資本市場日的部分原因是提供有關 PGS 情況的更多詳細資訊。

Very good. Then, there is not any further questions on the web. We could pause for a minute to see if there's any last questions coming in.

非常好。然後，網路上就沒有任何進一步的問題了。我們可以暫停一分鐘，看看是否還有最後的問題。

I don't see any further questions. So then, I'll leave it to you Kristian for any concluding remarks.

我沒有看到任何進一步的問題。那麼，我將把結論留給克里斯蒂安你。

Yes. Thank you. Thank you very much. And thanks for your attention today. And I think we're looking forward to see you at the end of August 29. It's going to be a webcast as well. So all of you are going to get a chance and opportunity to hear us talk about the future and, obviously, the strategy of the combined company, and we're going to talk more about capital allocation as well.

是的。謝謝。非常感謝。感謝您今天的關注。我想我們期待在 8 月 29 月底見到您。這也將是一個網路廣播。因此，你們所有人都將有機會聽到我們談論未來，顯然還有合併後公司的策略，我們還將更多地談論資本配置。

So very excited about the future. Very excited about improving our backlog substantially, which means that we have a very good position getting us into the second half of the year and obviously 2025. So I wish you all a good summer, good vacation for those of you who have time to take up that. And looking forward to see you on August 29. Thank you very much.

對未來非常興奮。我們對大幅改善我們的積壓工作感到非常興奮，這意味著我們處於非常有利的位置，可以讓我們進入今年下半年，顯然是 2025 年。因此，我祝大家有個愉快的夏天，對於那些有時間參與其中的人來說，度過一個愉快的假期。期待 8 月 29 日與您見面。非常感謝。