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TGS - Q1 2016 Update
ASKER (8 April, 2016) - Based on preliminary reporting from operating units, TGS management expects net revenues for the first quarter of 2016 to be approximately USD 64 million.
With operational investments of approximately USD 53 million and good cash collections in the quarter, the cash balance increased to around USD 210 million. This is in addition to the undrawn revolving credit facility of USD 75 million.
The financial guidance released on 7 January, 2016 remains unchanged:
"This last quarter has arguably been the most severe of this down cycle with many customers focusing on cost and headcount reduction resulting in a significant pull back from exploration spending. TGS will continue our strong focus on cost control, cash flow and maintaining a healthy balance sheet in this challenging market", commented Kristian Johansen, CEO, TGS.
The full first quarter earnings release is scheduled for 21 April 2016.
www.tgs.com
For additional information about this press release please contact:
Chief Financial Officer
Tel: +47 90 94 36 73
Email: sven.larsen@tgs.com
VP HR & Communications
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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