ASKER, NORWAY (9 May 2017) - TGS took advantage of improved market conditions in Q1 2018, with reported net revenues of USD 135 million, up 56% from USD 86 million in Q1 2017. Strong free cash flow of USD 71 million resulted in an increased cash balance of USD 302 million. Quarterly dividend will be maintained at USD 0.20 per share.
1st Quarter Highlights - Segment Reporting
*New multi-client investments excluding investments related to surveys with risk sharing arrangements
"TGS' performance in the past two quarters, driven by strong late sales across all regions, indicates that there has been an improvement in the underlying fundamentals of the global market for seismic data. The combination of higher oil price and lower cost base means that E&P companies now have more operating cash flow that can be used for growth investments. While we still expect some volatility in the near-term, our counter-cyclical strategy has positioned TGS to benefit from the improved market conditions," TGS' CEO Kristian Johansen stated.
To access TGS Q1 2018 results information, please use the web links below:
Q1 2018 Presentation and Webcast
Kristian Johansen (CEO) and Sven Børre Larsen (CFO) will present the results at 09:00 CEST at the Felix Conference Center, Aker Brygge, Oslo, Norway. The presentation is open to the public and can be followed live on the internet at www.tgs.com.
The slides from the presentation will also be available in PDF format at both the TGS and Oslo Stock Exchange websites.
Q1 2018 Conference Call
CEO Kristian Johansen and CFO Sven Børre Larsen will host a conference call on 9 May 2017 at 15:00 CEST (09:00 EDT). Attendees may want to call 5-10 minutes before to ensure registration and access.
Participants will need to quote the following confirmation code when dialing into the conference: 6527744.
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
A replay of the conference call will also be available at www.tgs.com.