TGS - Q1 2016 Update
(Thomson Reuters ONE) -
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:
* TGS expects multi-client investments of approximately 220 MUSD
* Multi-client investments are expected to be prefunded 45 to 50%
"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.
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(at)tgs.com
Will Ashby
VP HR & Communications
Tel: +1 713 860 2184
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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#2001854]
Unternehmensinformation / Kurzprofil:
Datum: 08.04.2016 - 07:50 Uhr
Sprache: Deutsch
News-ID 462757
Anzahl Zeichen: 4002
contact information:
Town:
Asker
Kategorie:
Business News
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