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TGS announces Q2 revenues of USD 140 million
ASKER, NORWAY (30 July 2015) - TGS reports net revenues of USD 140 million in Q2 2015, compared to USD 205 million in Q2 2014. Earnings before interest and taxes (EBIT) totaled USD 36 million, corresponding to an EBIT margin of 26%. Despite the industry's market challenges and uncertain outlook, TGS reports a backlog of USD 242 million and a cash balance of USD 176 million.
Management now expects that 2015 multi-client investments will be approximately USD 490 million, up from the previously guided USD 420 million. This increase in counter-cyclical investment is driven by prepayments associated with the acquisition of the Polarcus data library and a slight acceleration of the Gigante Mexico project.
To access TGS Q2 2015 results information click below:
CEO Robert Hobbs and COO/Interim CFO Kristian Johansen will host a conference call on 30 July 2015 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.
Participants will need to quote the following confirmation code when dialing into the conference:
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 .
www.tgs.com
For additional information about this press release please contact:
COO/Interim CFO
Cell: +47 47 60 33 34
Email: kristian.johansen@tgs.com
Director Finance Western Hemisphere & Investor Relations
Tel: +1 713 860 2184 begin_of_the_skype_highlighting end_of_the_skype_highlighting
Email : will.ashby@tgs.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
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