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Q2 2016 Update

07 July 2016OSE

ASKER, NORWAY (7 July 2016) - Based on preliminary reporting from operating units, TGS management expects net revenues for the second quarter of 2016 to be approximately USD 114 million. Multi-client investments for the second quarter are expected to be approximately USD 62 million.

"Oil companies continue to be under pressure to reduce exploration and production spending. As a result, we still anticipate variability of seismic spending between quarters and across regions in the near term.  However, we are very pleased with the performance of the TGS data library during Q2 2016 and remain confident in the long-term success of our focused, asset light, multi-client business model.  We believe that following the unprecedented reduction in exploration activity it is inevitable that oil companies will return to exploration spending in the future as the demand-supply balance continues to tighten," commented Kristian Johansen, CEO, TGS.

TGS full year 2016 Guidance remains unchanged at approximately USD 220 million multi-client investments, which are expected to be prefunded 45% to 50%. Management will give a full report of Q2 results on 4 August 2016.



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.

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.



Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73

Will Ashby
Vice President HR & Communication
Tel: +1 713 860 2184