ASKER, NORWAY (28 October 2016) - TGS reported net revenues of USD 113 million in Q3 2016, flat with the prior Quarter (USD 114 million in Q2 2016). Operating profit for the quarter was USD 11 million (10% of net revenues). With customer activity remaining stable from Q2 to Q3 2016, TGS was able to deliver a second consecutive quarter of positive operating profit. Free cash flow generated in Q3 2016 was USD 29 million, resulting in a cash balance of USD 173 million. Quarterly dividend is maintained at USD 0.15 per share.
3rd QUARTER HIGHLIGHTS
Updated financial guidance for 2016:
"Despite the continued challenging market conditions we are pleased to announce strong operating performance, stable revenues and a positive development in cash flow. Following a challenging first quarter for the seismic industry, we have experienced two consecutive quarters with increased interest for seismic data. Our positive free cash flow in Q3 strengthens our balance sheet further and enables TGS to continue to pursue counter cyclical opportunities . " TGS' CEO Kristian Johansen stated.
To access TGS Q3 2016 results information click below:
Investor Presentation and Webcast
Kristian Johansen (CEO) and Sven Børre Larsen (CFO) will present the results at 9:00 am CEST at the Hotel Continental (Teatersalen) in Oslo, Norway. The presentation is open to the public. The presentation can be followed live on the internet at www.tgs.com .
The slides from the presentation will also be available in PDF format on the TGS website.
Q3 2016 Conference Call
Kristian Johansen and Sven Børre Larsen will host a conference call on 28 October 2016 at 3:00 pm CEST (9:00 am New York time). Attendees may want to call 5-10 minutes before 3:00 pm CEST (9:00 am New York time) to ensure registration and access.
Participants will need to quote the following confirmation code when dialing into the conference: 1217777
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. To access replay of the TGS conference call,
A replay of the conference call will also be available at www.tgs.com
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
VP Human Resources & Communication
Tel: +1 713 860 2184
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)