ASKER, Norway, Aug. 03, 2017 (GLOBE NEWSWIRE) --
TGS reported net revenues of USD 108 million in Q2 2017, slightly
below Q2 2016 but up 25% from Q1 2017. Strong cash flow from
operations of USD 59 million was a significant improvement from USD
9 million in Q2 2016. Quarterly dividend will be maintained at USD
0.15 per share.
2nd Quarter
Highlights
- Consolidated net revenues were USD
108 million, slightly below USD 114 million in Q2 2016
- Net late sales totaled USD 79
million, compared to USD 84 million in Q2 2016
- Net pre-funding revenues were USD 27
million (an increase of 3% from Q2 2016), funding 46% of TGS'
operational multi-client investments for the quarter
- Operational multi-client investments
were USD 59 million in addition to USD 2 million from risk sharing
arrangements
- Operating profit (EBIT) was USD 18
million (17% of net revenues), compared to USD 22 million (19% of
net revenues) in Q2 2016
- Cash flow from operations was USD 53
million, a significant improvement from USD 9 million in Q2
2016
- Free cash flow (after multi-client
investments) was USD 12 million, compared to negative free cash
flow of USD -35 million in Q2 2016
- Cash balance at 30 June 2017 was USD
239 million in addition to the undrawn USD 75 million Revolving
Credit Facility
- Earnings per share (fully diluted)
were USD 0.09, compared to USD 0.17 in Q2 2016
- Quarterly dividend maintained at USD
0.15 per share
- Financial guidance unchanged from 23
May 2017:
- New multi-client investments* of approximately USD 260
million
- Additional multi-client investments expected from sales of
existing surveys with risk sharing arrangements
- Pre-funding of new multi-client investments* expected to be
approximately 40-45%
*New multi-client investments excluding
investments related to surveys with risk sharing
arrangements
"Despite the challenging market conditions,
customers have, to an increasing extent been willing to support
quality project ideas. As such, TGS has been able to increase the
order backlog substantially since the beginning of the year. In the
3rd quarter the activity with respect to data acquisition volumes
will be at historically high levels and the investment and
pre-funding levels are set to increase significantly from the
levels experienced so far this year," TGS' CEO Kristian Johansen
stated.
To access TGS Q2 2017 results information, please use the web links
below:
- Earnings Release
- Presentation Slides
Q2 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.
Q2 2017 Conference
Call
CEO Kristian Johansen and CFO Sven Børre Larsen
will host a conference call on 3 August 2017 at 3.00 pm CEST (9.00
pm EDT). Attendees may want to call 5-10 minutes before
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 9105
- US attendees are invited to call +1
866 548 4713 or +1 719 325 2213
Participants will need to quote the following
confirmation code when dialing into the
conference: 5950879.
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:
- dial +47 23 50 00 77 or +800 196 72
(Norway), +44 (0) 207 660 0134 or +0 808 101 1153 (International)
or +1 719 457 0820 or +888 203 1112 (US)
- replay access
code 5950879 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, 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".
This information is subject of the disclosure
requirements acc. to §5-12 vphl (Norwegian Securities Trading
Act).
Files accompanying this announcement are available
at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/5adff388-b563-4ecf-a8ff-7f6cf47aa3c2
http://www.globenewswire.com/NewsRoom/AttachmentNg/7546a3af-dc35-4eae-9153-4623cff41206