Q3 2016 Update
07 October 2016OSE
ASKER, NORWAY (7 October 2016) - Based on preliminary reporting from operating units, TGS management expects net revenues for the third quarter of 2016 to be approximately USD 113 million, around 17% higher than the average of analyst estimates. Multi-client investments for the third quarter are expected to be approximately USD 82 million after strong productivity on our ongoing multi-client data acquisitions.
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 LarsenChief Financial Officer
Tel: +47 90 94 36 73
Will AshbySVP Investor Relations, HR & Communication
Tel: +1 713 860 2184