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TGS Q2 2016 revenues up 79% from Q1, quarterly dividend maintained
ASKER, NORWAY (4 August 2016) - TGS reported net revenues of USD 114 million in Q2 2016, up 79% from the prior Quarter (USD 64 million in Q1 2016). Operating profit for the quarter was USD 22 million. This improved performance in Q2 2016 compared to preceding quarters reflects a slight improvement in oil companies' willingness to invest in seismic data as well as cost control and rightsizing initiatives implemented by the company (adjusted personnel and other operating costs down 30% from Q2 2015). Cash balance at the end of Q2 2016 was USD 162 million. Quarterly dividend is maintained at USD 0.15 per share.
2nd QUARTER HIGHLIGHTS
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" TGS' CEO Kristian Johansen stated.
To access TGS Q2 2016 results information click below:
Kristian Johansen (CEO) and Sven Børre Larsen (CFO) will present the results at 8:30 am CEST at the Hotel Continental (Teatersalen) in Oslo, Norway. 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 on the TGS website.
Kristian Johansen and Sven Børre Larsen will host a conference call on 4 August 2016 at 3:00 pm CEST (9:00 am New York time). Attendees may want to call 5-10 minutes before 3:00 pm CEST (9:00 am New York time) 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 .
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 Human Resources & 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)
Copyright GlobeNewswire
Attachment(s)
http://hugin.info/86869/R/2033062/756879.pdf
http://hugin.info/86869/R/2033062/756878.pdf
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