ASKER (8 April, 2016) - Based on preliminary reporting from operating units, TGS management expects net revenues for the first quarter of 2016 to be approximately USD 64 million.

With operational investments of approximately USD 53 million and good cash collections in the quarter, the cash balance increased to around USD 210 million.  This is in addition to the undrawn revolving credit facility of USD 75 million.

The financial guidance released on 7 January, 2016 remains unchanged:

  • TGS expects multi-client investments of approximately 220 MUSD
  • Multi-client investments are expected to be prefunded 45 to 50%

"This last quarter has arguably been the most severe of this down cycle with many customers focusing on cost and headcount reduction resulting in a significant pull back from exploration spending. TGS will continue our strong focus on cost control, cash flow and maintaining a healthy balance sheet in this challenging market", commented Kristian Johansen, CEO, TGS.

The full first quarter earnings release is scheduled for 21 April 2016.