ASKER, NORWAY (9 January 2017) - Based on preliminary reporting from operating units, TGS management expects net revenues for the fourth quarter of 2016 to be approximately USD 165 million, bringing total estimated net revenues for 2016 to approximately USD 456 million.
As per 31 December 2016 the company's cash balance was approximately USD 189 million.
"We are very pleased with the strong sales from our multi-client library in Q4 with TGS benefiting from year-end spending by many of our clients. This significant increase in late sales demonstrates the seasonality and ongoing volatility in seismic demand in a market where E&P spending is expected to remain under pressure into 2017," commented Kristian Johansen, CEO, TGS.
Please note that guidance for 2017 will be provided in connection with the presentation of the financial results for Q4 2016 at the Capital Markets Day (CMD) in London, UK on 2 February 2016. Please refer to press release of 23 December 2016 for more details about the CMD.
Kristian Johansen (CEO) and Sven Børre Larsen (CFO) will host a conference call on 9 January 2017 at 3:00 pm CET (9:00 am New York time). Attendees may want to call 5-10 minutes before 3:00 pm CET (9:00 am New York time) to ensure registration and access.
- Norwegian attendees are invited to call +800 51084 or +47 2100 2610
- International attendees are invited to call 0800 358 6377 or +44 (0)330 336 9412
- US attendees are invited to call 888-359-3612 or +1 719-325-2213
Participants will need to quote the following confirmation code when dialing into the conference: 5639245
A Q&A session will follow a short introduction, based upon the press release 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,
- dial +47 2100 2610 (Norway) or +44 (0)330 336 9412 (International) or +1 719-325-2213 (US)
- replay access code 5639245 followed by # (pound-sign)
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, 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".
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 Email: will.ashby@tgs.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
