ASKER, NORWAY (10 May 2017) - TGS reported net revenues of USD 86 million in Q1 2017, up 35% from USD 64 million in Q1 2016. Strong cash flow from operations of USD 185 million helped to grow the cash balance to USD 248 million. Quarterly dividend will be maintained at USD 0.15 per share.
1st Quarter Highlights
*New multi-client investments excluding investments related to surveys with risk sharing arrangements
"Despite the continued challenging market conditions, TGS delivered strong growth in late sales of 82% from Q1 2016. We were also successful at securing prefunding for new 2017 projects. Our cash flow generation and pipeline of investment opportunities positions TGS well to enhance our status as the world's leading multi-client geophysical company," TGS' CEO Kristian Johansen stated.
To access TGS Q1 2017 results information, please use the web links below:
Q1 2017 Presentation and Webcast
Kristian Johansen (CEO) and Sven Børre Larsen (CFO) will present the results at 9.00 am CEST at the Hotel Continental, Stortingsgata 24/26 in Oslo, Norway. The presentation is open to the public and can be followed live on the internet at www.tgs.com.
The slides from the presentation will also be available in PDF format at both the TGS and Oslo Stock Exchange websites.
Q1 2017 Conference Call
CEO Kristian Johansen and CFO Sven Børre Larsen will host a conference call on 10 May 2017 at 3.00 pm CEST (9.00 am EDT). Attendees may want to call 5-10 minutes before to ensure registration and access.
Participants will need to quote the following confirmation code when dialing into the conference: 6000372.
A Q&A session will follow a short introduction, based upon the presentation issued in the morning. To pose a question, please press *1.
A replay of the conference call will be available shortly after. To access replay of the TGS conference call:
A replay of the conference call will also be available at www.tgs.com.
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, permanent reservoir monitoring 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 principal 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".
For additional information about this press release please contact:
Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Email: sven.larsen@tgs.com
Will Ashby
VP HR & Communication
Tel: +1 713 860 2184 begin_of_the_skype_highlighting end_of_the_skype_highlighting
Email: will.ashby@tgs.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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