TGS - Changes to multi-client library amortization from 1 January 2016
(Thomson Reuters ONE) -
ASKER, NORWAY (4 December 2015) - Due to an amendment to IAS 38 Intangible
assets, the amortization method for the seismic multi-client libraries will have
to change with effect from 1 January 2016.
After an extensive process involving industry participants, TGS and PGS have
decided to adopt the following changes to the amortization policy:
* During the work in progress (WIP) phase, amortization will continue to be
based on total cost versus forecasted total revenues of the project.
* After a project is completed, a straight-line amortization is applied. The
straight-line amortization will be assigned over a remaining useful life,
which for most projects is expected to be 4 years. The straight-line
amortization will be distributed evenly through the financial year
independently of sales during the quarters.
Today's minimum amortization policy will no longer be relevant.
The changes to multi-client library amortization will be applied prospectively
as from 1 January 2016.
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.
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 more information visit TGS online at www.tgs.com.
Forward-looking statements
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.
Contact information
For additional information about this press release please contact:
Sven Borre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Will Ashby
Director Finance Western Hemisphere & Investor Relations
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 GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1971302]
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Datum: 04.12.2015 - 07:01 Uhr
Sprache: Deutsch
News-ID 437569
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