TGS announces Q4 2016 Results and 2017 Guidance at Capital Markets Day
(Thomson Reuters ONE) -
ASKER, NORWAY (2 February 2017) - TGS reported net revenues of USD 165 million
in Q4 2016 following strong late sales performance. Full year 2016 net revenues
were USD 456 million. Quarterly dividend will be maintained at USD 0.15 per
share. New multi-client investments for 2017 are expected to be at
approximately the same level as in 2016.
4(th) Quarter Highlights
* Consolidated net revenues were USD 165 million, compared to USD 132 million
in Q4 2015
* Net late sales totaled USD 145 million, up 60% from USD 90 million in Q4
2015
* Net pre-funding revenues were USD 17 million, down 53% from Q4 2015, funding
19% (37% excl. risk-sharing investments) of TGS' operational multi-client
investments for the quarter (USD 88 million including USD 42 million from
risk sharing arrangements)
* Operating profit (EBIT) was USD 42 million (25% of net revenues), compared
to USD -140 million (-106% of net revenues), in Q4 2015
* Cash flow from operations was USD 79 million, compared to USD 99 million in
Q4 2015
* Free cash flow (after multi-client investments) was USD 33 million, compared
to USD -20 million in Q4 2015.
* Cash balance at 31 December 2016 was USD 191 million in addition to the
undrawn USD 75 million Revolving Credit Facility
* Earnings per share (fully diluted) were USD 0.23, up from USD -1.19 in Q4
2015.
* Quarterly dividend maintained at USD 0.15 per share
2016 Full Year Financial Highlights
* Consolidated net revenues were USD 456 million, compared to USD 612 million
in 2015
* Net late sales totaled USD 333 million, same as in 2015
* Net pre-funding revenues were USD 105 million, down 59% from 2015, funding
39% (48% excl. risk-sharing investments) of TGS' operational multi-client
investments for the year (USD 271 million including USD 51 million from risk
sharing arrangements)
* Operating profit (EBIT) was USD 53 million (12% of net revenues), compared
to USD -21 million (-3% of net revenues), in 2015
* Cash flow from operations was USD 324 million, compared to USD 567 million
in 2015
* Free cash flow (after multi-client investments) was USD 91 million, compared
to USD 63 million in 2015
* Earnings per share (fully diluted) were USD 0.22, up from USD -0.28 in 2015
2017 Full Year guidance
While the Q4 2016 results confirm early signs of improvement in the market,
visibility remains low for the near-term. The combination of a strong balance
sheet and flexible business model positions TGS well to continue to take
advantage of market conditions.
Including the recent announcements of the large Atlantic Margin 3D project in
Norway and TGS' first survey in the Permian basin onshore U.S, a substantial
part of the 2017 investment plans has already been committed.
With the expectation of further investments being committed during the year, TGS
provides the following guidance for 2017:
* New multi-client investments* around the same level as in 2016
* Additional multi-client investments expected from sales of existing surveys
with risk sharing arrangements
* Pre-funding of new multi-client investments* expected to be approximately
40-45%
*New multi-client investments excluding investments related to surveys with risk
sharing arrangements
"TGS delivered a strong Q4 2016, beating both company forecasts and market
expectations. Going into 2017 we are well positioned with an efficient cost
base, strong balance sheet and flexible business model. Our employees are
actively developing new business opportunities during this down-cycle as we
continue to enhance our status as the world's leading multi-client geophysical
company," TGS' CEO Kristian Johansen stated.
To access TGS Q4 2016 results information, please use the web links below:
* Earnings Release
* Presentation Slides
Capital Markets Day Presentation and Webcast
Kristian Johansen (CEO) and Sven Børre Larsen (CFO) will present the 2016
financial results and 2017 guidance at 9.00am GMT during the company's Capital
Markets Day in London, UK today.
To access TGS Capital Markets Day presentation and webcast, please use the web
links below:
* Capital Markets Day webcast
* Capital Markets Day slides
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, permanent reservoir monitoring 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 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).
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
begin_of_the_skype_highlighting end_of_the_skype_highlighting
Email:will.ashby(at)tgs.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
TGS Q4 2016 Earnings Release slides:
http://hugin.info/86869/R/2075415/780402.pdf
Capital Markets Day 2017:
http://hugin.info/86869/R/2075415/780404.pdf
TGS Q4 2016 Earnings Release report:
http://hugin.info/86869/R/2075415/780403.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: TGS via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 02.02.2017 - 07:31 Uhr
Sprache: Deutsch
News-ID 521484
Anzahl Zeichen: 7851
contact information:
Town:
Asker
Kategorie:
Business News
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