TGS : Q2 2016 Update
(Thomson Reuters ONE) -
ASKER, NORWAY (7 July 2016) - Based on preliminary reporting from operating
units, TGS management expects net revenues for the second quarter of 2016 to be
approximately USD 114 million. Multi-client investments for the second quarter
are expected to be approximately USD 62 million.
"Oil companies continue to be under pressure to reduce exploration and
production spending. As a result, we still anticipate variability of seismic
spending between quarters and across regions in the near term. However, we are
very pleased with the performance of the TGS data library during Q2 2016 and
remain confident in the long-term success of our focused, asset light, multi-
client business model. We believe that following the unprecedented reduction in
exploration activity it is inevitable that oil companies will return to
exploration spending in the future as the demand-supply balance continues to
tighten," commented Kristian Johansen, CEO, TGS.
TGS full year 2016 Guidance remains unchanged at approximately USD 220 million
multi-client investments, which are expected to be prefunded 45% to 50%.
Management will give a full report of Q2 results on 4 August 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 & Communication
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#2026548]
Unternehmensinformation / Kurzprofil:
Datum: 07.07.2016 - 07:50 Uhr
Sprache: Deutsch
News-ID 481951
Anzahl Zeichen: 4009
contact information:
Town:
Asker
Kategorie:
Business News
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