ASKER, NORWAY (9 January 2014) - Based on preliminary reporting from operating
units, TGS management expects net revenues for the fourth quarter of 2013 to be
approximately USD 270 million, bringing total estimated net revenues for 2013 to
approximately USD 882 million. The company has previously guided full year
revenues of USD 810 - 870 million, and the positive deviation is mainly caused
by record high late sales in the fourth quarter.
Multi-client investments for the fourth quarter are expected to be approximately
USD 90 million, to reach full year investments of approximately USD 437 million.
Management will give a full report of Q4 results on 6 February 2014.
TGS-NOPECÂ Geophysical Company (TGS) provides multi-client geoscience data to oil
and gas Exploration and Production companies worldwide.Â 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
For more information visitÂ 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
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:
Chief Financial Officer
Tel: +47 47 60 33 34
Director Investor Relations and M&A
Tel: +1 713 860 2184
This information is subject of the disclosure requirements acc. to Â§5-12 vphl
(Norwegian Securities Trading Act)
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Source: TGS via GlobeNewswire