TGS 2nd Quarter 2010 Interim Report and 1st Half Results
(Thomson Reuters ONE) -
2(nd) QUARTER HIGHLIGHTS
· Consolidated net revenues were USD 112.3 million, a decrease of 10%
compared to Q2 2009.
· Net late sales totaled USD 64.6 million, down 24% from Q2 2009.
· Net pre-funding revenues were USD 43.0 million, up 27% from Q2 2009,
funding 44% of the Company's operational investments into new multi-client
products during Q2 (USD 97.1 million, up 25% from Q2 2009).
· Proprietary revenues of USD 4.7 million, down 20% from Q2 2009.
· Operating profit (EBIT) was USD 33.4 million (30% of Net Revenues), down
38% from Q2 2009. The operating costs in Q2 include non-recurring items of USD
5.7 million related to the termination of the Northern Genesis vessel charter.
· Cash flow from operations was USD 74.1 million, versus USD 44.5 million in
Q2 2009.
· Earnings per share (fully diluted) were USD 0.18 compared to USD 0.39 in
Q2 2009.
6 MONTHS FINANCIAL HIGHLIGHTS
· Consolidated net revenues were USD 260.6 million, an increase of 34%
compared to H1-2009.
· Net late sales from the multi-client library totaled USD 138.0 million, up
21% from USD 114.4 million in 2009.
· Net pre-funding revenues were USD 112.6 million, up 65% from 2009, funding
58% of the Company's operational investments into new multi-client products
during H1 (USD 193.3 million, up 37% from H1-2009).
· Proprietary revenues of USD 10.0 million, down 18% from H1 2009.
· Operating profit (EBIT) was USD 92.3 million (35% of Net Revenues), up
24% from USD 74.1 million in 2009.
· Cash flow from operations was USD 180.4 million, versus USD 140.4 million
in 2009.
· Earnings per share (fully diluted) were USD 0.58 compared to USD 0.52 in
for the same period in 2009.
"As previously noted, our sales in the second quarter were negatively affected
by a delay in the announcement of Norway's 21(st) licensing round as well as
some early effects of regulatory uncertainty in the U.S. Gulf of Mexico. In
contrast, we have seen increased activity in other areas of operations and we
continue to remain optimistic about the longer term fundamentals for our
sector", TGS' CEO Robert Hobbs stated.
Please find the full interim report attached.
A presentation of results will be held today, 5 August 2010 at 08.30 hrs CET at
Shippingklubben located at Haakon VII's gt 1 in Oslo, Norway. The presentation
is open to the public. The presentation can be followed live on the internet at
www.tgsnopec.com streamed by Webcast Norge.
The slides from the presentation will also be available in PDF format at both
the TGS and Oslo Stock Exchange websites and a recorded version of the
presentation will be available shortly thereafter atwww.tgsnopec.com.CEO Robert
Hobbs and CFO Kristian Johansen will also host a conference call on 5 August
2010 at 14:00 CET (8:00 AM New York time). Norwegian attendees are invited to
call +47 2316 2190 or 800 19640, International attendees are invited to call 44
(0)20 7806 1951 or 0800 028 1243 and USA attendees are invited to call +1
718 354 1387 or 866 935 4575. Attendees may want to call 5-10 minutes before
14:00 CET (8:00 AM NY) to ensure registration and access.
Participants will need to quote the following confirmation code when dialing
into the conference: 4690410.
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 TGS conference call,
* dial +47 2100 0498 (Norway), +44 (0)20 7111 1244 (International) or +1
347 366 9565 (USA)
* replay access code 4690410 followed by # (pound-sign)
A replay of the conference call will also be available at www.tgsnopec.com
Company summary
TGS-NOPEC Geophysical Company (TGS) provides global geoscience data products
and services to the oil and gas industry for the exploration and delineation of
hydrocarbon reserves. We design and acquire multi-client data projects
worldwide that make up our data library of seismic, gravity/magnetic and well
data, enhanced by our seismic imaging technology and regional interpretation
expertise. Visit TGS online at www.tgsnopec.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 news release please contact:
Kristian Johansen
Chief Financial Officer
Office: +47 667 69931
Cell: +47 47 60 33 34
Email:kristian.johansen(at)tgsnopec.com
Karen El-Tawil
VP, Business Development
Office: +1 713 860 2102
Cell: +1 713 806 2420
Email:karen.el-tawil(at)tgsnopec.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1435958]
Q2 2010 Earnings Release:
http://hugin.info/86869/R/1435958/381163.pdf
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(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.
All reproduction for further distribution is prohibited.
Source: TGS via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 05.08.2010 - 07:51 Uhr
Sprache: Deutsch
News-ID 38769
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