TGS Q3 2010 Interim Report
(Thomson Reuters ONE) -
3(rd) QUARTER HIGHLIGHTS
·        Consolidated net revenues were USD 130.1 million, an increase of 4%
compared to Q3 2009.
·        Net late sales totaled USD 100.3 million, up 30% from Q3 2009.
·        Net pre-funding revenues were USD 23.9 million, down 36% from Q3
2009, funding 38% of the Company's multi-client investments during Q3
(investments of USD 62.5 million, down 29% from Q3 2009).
·        Proprietary revenues were USD 5.9 million, down 44% from Q3 2009.
·        Operating profit (EBIT) was USD 53.5 million (41% of Net Revenues),
down 9% from Q3 2009.
·        Cash flow from operations was USD 109.3 million, up from USD 108.7
million in Q3 2009.
·        Earnings per share (fully diluted) were USD 0.37 compared to USD 0.48
in Q3 2009.
9 MONTHS FINANCIAL HIGHLIGHTS
·        Consolidated net revenues were USD 390.7 million, an increase of 22%
compared to the same period in 2009.
·        Net late sales from the multi-client library totaled USD 238.2
million, up 24% from USD 191.5 million in 2009.
·        Net pre-funding revenues were USD 136.5 million, up 29% from 2009,
funding 53% of the Company's multi-client investments during the first 9 months
of 2010 (investments of USD 255.8 million, up 12% from 2009).
·        Proprietary revenues were USD 15.9 million, down 30% from 2009.
·        Operating profit (EBIT) was USD 145.8 million (37% of Net Revenues),
up 9% from USD 133.2 million in 2009.
·        Cash flow from operations was USD 289.7 million, an increase of 16%
from USD 249.1 million in 2009.
·        Earnings per share (fully diluted) were USD 0.95 compared to USD 1.01
for the same period in 2009.
  "We are very pleased to announce that late sales from our previous investments
increased by 30% from Q3 2009. While we were disappointed that a planned 3D
project in Angola has not yet materialized, our strong data library position and
flexible business model have allowed us to take advantage of new project ideas
in attractive areas," TGS' CEO Robert Hobbs stated.
  TGS Q3 2010 Interim Report
CEO Robert Hobbs, CFO Kristian Johansen  and VP Business Development Karen El-
Tawil will also host a conference call on 4 November 2010 at 14:30 CET Norwegian
time (9:30 AM New York time). Norwegian attendees are invited to call
+47 2100 2610 or 800 19641, International attendees are invited to call +44 (0)
20 7138 0844 or 0800 032 3808 and USA attendees are invited to call
+1 718 247 0881 or 866 850 2201. Attendees may want to call 5-10 minutes before
14:30 CET (9:30 AM NY) hours to ensure registration and access.
Participants will need to quote the following confirmation code when dialing
into the conference: 7914061.
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 the actual call.
To access the replay of the TGS conference call,
* dial +47 2100 0498 (Norway), +44 (0) 20 7111 1244 (International) or
+1 347 366 9565 (USA)
* replay access code 7914061 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#1458811]
TGS Q3 2010 Interim Report:
http://hugin.info/86869/R/1458811/398324.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.
Source: TGS via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 04.11.2010 - 07:50 Uhr
Sprache: Deutsch
News-ID 48402
Anzahl Zeichen: 6342
contact information:
Town:
Asker
Kategorie:
Business News
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