SOURCE: TGS

TGS

April 08, 2016 01:50 ET

TGS Q1 2016 Update

ASKER, NORWAY--(Marketwired - Apr 8, 2016) - Based on preliminary reporting from operating units, TGS management expects net revenues for the first quarter of 2016 to be approximately USD 64 million.

With operational investments of approximately USD 53 million and good cash collections in the quarter, the cash balance increased to around USD 210 million. This is in addition to the undrawn revolving credit facility of USD 75 million.

The financial guidance released on 7 January, 2016 remains unchanged:

  • TGS expects multi-client investments of approximately 220 MUSD
  • Multi-client investments are expected to be prefunded 45 to 50%

"This last quarter has arguably been the most severe of this down cycle with many customers focusing on cost and headcount reduction resulting in a significant pull back from exploration spending. TGS will continue our strong focus on cost control, cash flow and maintaining a healthy balance sheet in this challenging market," commented Kristian Johansen, CEO, TGS.

The full first quarter earnings release is scheduled for 21 April 2016. 

Company summary

TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration solutions.

For more information visit TGS online at www.tgs.com.

Forward-looking statements and contact information
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include TGS' reliance on a cyclical industry and principle customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data products at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO: TGS).

TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY".

Contact Information

  • For additional information about this press release please contact:

    Sven Borre Larsen
    Chief Financial Officer
    Tel: +47 90 94 36 73
    Email: sven.larsen@tgs.com

    Will Ashby
    VP HR & Communications
    Tel: +1 713 860 2184
    Email: will.ashby@tgs.com