TGS Proposes Dividend of NOK 8.5 per Share and Introduces a Share Buy-back Program
February 06 2014 - 1:50AM
ASKER, NORWAY (6 February 2014) - At the meeting
held on 5 February 2014, the TGS Board of Directors decided to
propose a dividend of NOK 8.5 per share to the shareholders at the
June 2014 Annual General Meeting. The Board has also
authorized a share buy-back program of USD 30 million.
Following its update on 9 January, TGS now
confirms net revenues of USD 271 million in Q4 2013, compared to
USD 281 million in Q4 2012. Net late sales totaled USD 218 million
in Q4 2013, up 7% from USD 204 million in Q4 2012 and representing
a record high for the Company.
4th QUARTER HIGHLIGHTS
- Consolidated net revenues were USD 271 million,
compared to USD 281 million in Q4 2012.
- Net late sales totaled USD 218 million, up 7%
from USD 204 million in Q4 2012.
- Net pre-funding revenues were USD 44 million,
down 33% from Q4 2012, funding 47% of the Company's operational
multi-client investments during Q4 (investments of USD 92
million, down 3% from Q4 2012).
- Proprietary revenues were USD 10 million,
compared to USD 13 million in Q4 2012.
- Operating profit (EBIT) was USD 120 million (44%
of net revenues), compared to USD 118 million (42% of net revenues)
in Q4 2012.
- Cash flow from operations was USD 214 million,
compared to USD 243 million in Q4 2012.
- Earnings per share (fully diluted) were USD 0.81,
which is the same as Q4 2012.
FULL YEAR 2013 FINANCIAL HIGHLIGHTS
- Consolidated net revenues were USD 883 million,
compared to USD 932 million in 2012.
- Net late sales from the multi-client library
totaled USD 638 million, up 13% from USD 564 million in 2012.
- Net pre-funding revenues were USD 186 million,
down 45% from 2012, funding 42% of the Company's operational
multi-client investments during 2013 (investments of USD 439
million, down 12% from 2012).
- Proprietary revenues were USD 59 million,
compared to USD 30 million in 2012.
- Operating profit (EBIT) was USD 387 million (44%
of net revenues), compared to USD 402 million (43% of net revenues)
in 2012.
- Cash flow from operations was USD 543 million
after an extraordinary tax payment of net USD 42 million in 2013, a
decrease of 18% from USD 663 million in 2012.
- Earnings per share (fully diluted) were USD 2.59,
compared to USD 2.76 in 2012.
"We are very pleased to announce a strong fourth
quarter and end of year 2013, which caused us to beat our revenue
guidance as announced in early October. Q4 was marked by continued
strong late sales from our high-quality data library and we set a
new record for late sales in the quarter. Energy companies continue
to demand higher resolution subsurface images in mature basins and
new regional data in frontier basins to guide their exploration
efforts. Customer interest in new projects is confirmed by our
record backlog at the end of Q4. TGS is clearly positioned to
deliver the data needed by the industry to identify new
reserves. TGS has a strong commitment to deliver shareholder
returns through a combination of growth, dividends and share
buy-backs" TGS' CEO Robert Hobbs stated.
To access TGS Q4 2013 results information click
below:
- Earnings Release
- Presentation Slides
- Live Presentation
Investor Presentation and
Webcast
Robert Hobbs (CEO) and Kristian Johansen (CFO)
will present the results at 08:30 CET at Vika Konferansesenter
located at Dronning Maudsgate in Oslo, Norway. Directions to Vika
Konferansesenter can be found by visiting http://goo.gl/maps/P2rXm.
The presentation is open to the public. The presentation 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.
Q4 2013 Conference
Call
CEO Robert Hobbs and CFO Kristian Johansen will host a conference
call on 6 February 2014 at 15:00 CET (9:00 AM New York time).
Attendees may want to call 5-10 minutes before 15:00 CET (9:00 AM
NY) to ensure registration and access.
- Norwegian attendees are invited to call 800 56053
or +47 2316 2787
- International attendees are invited to call 0800
279 4992 or +44(0)20 3427 1907
- US attendees are invited to call +1 877 280
1254
Participants will need to quote the following confirmation code
when dialing into the conference: 9625621.
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 a replay of the TGS conference
call,
- dial +47 2100 0498 (Norway) or +44 (0)20 3427
0598 (International) or +1 866 932 5017 (US)
- replay access code 9625621 followed by #
(pound-sign)
A replay of the conference call will also be available at
www.tgs.com.
Company
Summary
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.
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 product 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:
Kristian Johansen
Chief Financial Officer
Tel: +47 47 60 33 34
Email: kristian.johansen@tgs.com
Will Ashby
Director Investor Relations and M&A
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)
TGS Q4 2013 Presentation
TGS Q4 2013 Earnings Release
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: TGS via Globenewswire
HUG#1759621
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