ASKER, NORWAY (9 January 2017) - Based on preliminary reporting from operating units, TGS management expects net revenues for the fourth quarter of 2016 to be approximately USD 165 million, bringing total estimated net revenues for 2016 to approximately USD 456 million.
As per 31 December 2016 the company's cash balance was approximately USD 189 million.
"We are very pleased with the strong sales from our multi-client library in Q4 with TGS benefiting from year-end spending by many of our clients. This significant increase in late sales demonstrates the seasonality and ongoing volatility in seismic demand in a market where E&P spending is expected to remain under pressure into 2017," commented Kristian Johansen, CEO, TGS.
Please note that guidance for 2017 will be provided in connection with the presentation of the financial results for Q4 2016 at the Capital Markets Day (CMD) in London, UK on 2 February 2016. Please refer to press release of 23 December 2016 for more details about the CMD.
Kristian Johansen (CEO) and Sven Børre Larsen (CFO) will host a conference call on 9 January 2017 at 3:00 pm CET (9:00 am New York time). Attendees may want to call 5-10 minutes before 3:00 pm CET (9:00 am New York time) to ensure registration and access.
Norwegian attendees are invited to call +800 51084 or +47 2100 2610
International attendees are invited to call 0800 358 6377 or +44 (0)330 336 9412
US attendees are invited to call 888-359-3612 or +1 719-325-2213
Participants will need to quote the following confirmation code when dialing into the conference: 5639245
A Q&A session will follow a short introduction, based upon the press release issued in the morning. To pose a question, please press *1.
A replay of the conference call will be available shortly after. To access replay of the TGS conference call,
dial +47 23 50 00 77 (Norway) or +44 (0) 207 660 0134 (International) or +1 719-457-0820 (US)
replay access code 5639245 followed by # (pound-sign)
A replay of the conference call will also be available at www.tgs.com