TGS Q3 2013 update and revised full-year revenue guidance
08 October 2013OSE
ASKER, NORWAY (8 October 2013) - Based on a review of the investment plans for the remainder of the year, TGS expects total investments for 2013 of between USD 400 - 440 million with a pre-funding ratio near the lower end of the previously guided range of 40% - 50%. As a result of the revised investment plan, net revenues for 2013 are expected to be USD 810 - 870 million.
Investments in Q3 were USD 112 million with an average prefunding of 39%. Net revenues in Q3 are expected to be USD 191 million, reflecting continued strong demand for the existing TGS data library.
"We continue to experience delays as we wait for permits to acquire new surveys. Further, we remain very focused on quality. This focus has resulted in TGS passing up or postponing a number of low prefunded projects where the risk of achieving the required return is too high. Our late sales, however, continue to be strong, reinforcing the value of TGS' global data library", says TGS' CEO Robert Hobbs.
TGS will report the Q3 2013 earnings on 23 October.
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.
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 product 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).