ASKER, NORWAY  (8 July 2019) Based on preliminary reporting from operating units, TGS management expects net segment revenues* for the second quarter of 2019 to be approximately USD 168 million.

“We are pleased with the sales performance in Q2 19, with net revenues coming in above both our own internal expectations and the average analyst estimate of USD 155 million,” stated Kristian Johansen, CEO of TGS. “I’m also pleased to inform that all reviews by the competition authorities in relation to the Spectrum acquisition have been completed and we are on track to close the transaction in mid-August.”

*Based on segment reporting with revenues from projects in progress recognized according to percentage of completion, as opposed to the IFRS reporting, where revenues as a main rule are not recognized until the project has been delivered to the customer(s).