TGS Market Update
(Thomson Reuters ONE) -
ASKER, NORWAY (8 July 2013) - Based on current and forecasted activity levels,
TGS expects annual multi-client investments and prefunding levels to be slightly
lower than originally communicated in January 2013. Multi-client investments in
Q2 are expected to be approximately USD 110 million corresponding to USD 236
million year to date. The Q2 investments had an average pre-funding ratio of
39% (42% year to date). Based on a review of the investment plans for the
remainder of the year, TGS expects total investments of USD 520 - 590 million
with a pre-funding ratio of 40% - 50%. Originally the guidance was investments
of USD 530 - 600 million with average pre-funding of 50% - 60%. As a result of
the revised investment plan, net revenues for 2013 are expected to be USD 920 -
1000 million.
Net revenues in Q2 are expected to be USD 210 million, reflecting continued
strong demand for the TGS data library.
The revised guidance is as follows:
* Multi-client investments 520 - 590 MUSD
* Average pre-funding 40 - 50%
* Average multi-client amortization rate 40 - 46%
* Net revenues 920 - 1000 MUSD
* Contract revenues approximately 5% of total revenues
The full 2nd quarter earnings release is scheduled for 1 August 2013.
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).
For additional information about this press release please contact:
Kristian Johansen
Chief Financial Officer
Tel: +47 47 60 33 34
Email: kristian.johansen(at)tgs.com
Will Ashby
Director Investor Relations and M&A
Tel: +1 713 860 2184
Email: will.ashby(at)tgs.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: TGS via Thomson Reuters ONE
[HUG#1714721]
Unternehmensinformation / Kurzprofil:
Datum: 08.07.2013 - 07:50 Uhr
Sprache: Deutsch
News-ID 276076
Anzahl Zeichen: 4019
contact information:
Town:
Asker
Kategorie:
Business News
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