ASKER, NORWAY (5 May 2011) - TGS reports net revenues of USD 132 million in Q1 2011, compared to USD 148.2 million in Q1 2010.  Investments and the corresponding pre-funding revenues were significantly lower in Q1 2011 than in Q1 2010 due to the expected back end loaded investment plan, as previously communicated to the market.  Despite lower investments, TGS is pleased to report late sales of USD 84.8 million which is up 16% from Q1 2010, representing the highest late sales of any first quarter in the Company's history.
 

The operating profit for the first quarter was USD 59.0 million compared to USD 58.8 million for the same period last year.  This represents an operating profit margin of 45% compared to 40% in Q1 2010.  Cash flow from operations before multi-client investments was USD 138.2 million, representing an increase of 30% from Q1 2010.

"Our strong result in Q1 further confirms the value of our high quality data library and the importance of a strong and focused group of dedicated project development and sales individuals.  This focused approach sets TGS apart.  We are pleased to report record high late sales for a first quarter period and a promising start of a new year.  These results put us well on track with our 2011 plan," TGS' CEO Robert Hobbs stated.

TGS maintains their full year 2011 guidance.

To access TGS Q1 2011 results information, click on the links below or go to the Company website at www.tgsnopec.com:

TGS Q1 2011 Earnings Release

TGS Q1 2011 Webcast

TGS Q1 2011 Presentation Slides


Q1 2011 Conference Call  

CEO Robert Hobbs and CFO Kristian Johansen will also host a conference call on 5 May 2011 at 15:00 CET Norway time (9:00 AM New York time).  Attendees may want to call 5-10 minutes before 15:00 CET (9:00 AM NY) to ensure registration and access.

  • Norwegian attendees are invited to call +800 51066 or +47 2415 9757 
  • International attendees are invited to call 0800 032 3808 or +44 (0)20 7138 0844
  • US attendees are invited to call +1 866 602 0258

Participants will need to quote the following confirmation code when dialing into the conference: 6488721. 

A Q&A session will follow a short introduction, based upon the presentation 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 2100 0498 (Norway) or +44 (0)20 7111 1244 (International) or +1 347 366 9565 (US) 
  • replay access code 6488721 followed by # (pound-sign)

A replay of the conference call will also be available at www.tgsnopec.com.