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ASKER, NORWAY (4 August 2011) - TGS reports net revenues of USD 136 million in Q2 2011, compared to USD 112 million in Q2 2010. Investments and the corresponding pre-funding revenues were significantly lower in Q2 2011 than in Q2 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 98.0 million which is up 52% from Q2 2010.
2nd QUARTER HIGHLIGHTS
Consolidated net revenues were USD 136.1 million, an increase of 21% compared to Q2 2010.
Net late sales totaled USD 98.0 million, up 52% from Q2 2010.
Net pre-funding revenues were USD 26.7 million, down 38% from Q2 2010, funding 43% of the Company's operational multi-client investments during Q2 (investments of USD 61.7 million, down 36% from Q2 2010).
Proprietary revenues were USD 11.4 million, up 142% from Q2 2010.
Operating profit (EBIT) was USD 57.7 million (42% of net revenues), compared to USD 33.4 million (30% of net revenues) in Q2 2010.
Cash flow from operations was USD 93.3 million, up from USD 74.1 million in Q2 2010.
Earnings per share (fully diluted) were USD 0.41, compared to 0.18 in Q2 2010.
6 MONTHS FINANCIAL HIGHLIGHTS
Consolidated net revenues were USD 268.1 million, an increase of 3% compared to H1 2010.
Net late sales from the multi-client library totaled USD 182.8 million, up 33% from USD 138.0 million in 2010.
Net pre-funding revenues were USD 63.4 million, down 44% from 2010, funding 60% of the Company's operational multi-client investments during H1 (investments of USD 105.2 million, down 46% from 2010).
Proprietary revenues were USD 21.9 million, up 118% from 2010.
Operating profit (EBIT) was USD 116.7 million (44% of net revenues), compared to USD 92.3 million (35% of net revenues) in 2010.
Cash flow from operations was USD 231.6 million, an increase of 28% from USD 180.4 million in 2010.
Earnings per share (fully diluted) were USD 0.81 compared to USD 0.58 for the same period in 2010.
"Another strong quarter with revenue growth of 21% from last year," TGS' CEO Robert Hobbs stated. "We continue to see great demand for our existing library data and all business areas experienced growth in late sales compared to one year ago. We maintain our guidance for 2011."
CEO Robert Hobbs and CFO Kristian Johansen will present the results at 08:30 CET on 4 August 2011 at Shippingklubben located at Haakon VII's gt 1 in Oslo, Norway. The presentation is open to the public and can also be followed live on the internet atwww.tgsnopec.com streamed by Webcast Norge.
To access TGS Q2 2011 results information, click on the links below or go to the Company website at www.tgsnopec.com:
Q2 2011 Conference Call
CEO Robert Hobbs and CFO Kristian Johansen will also host a conference call on 4 August 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 19641 or +47 2415 9757
International attendees are invited to call 0800 032 3808 or +44 (0)20 7138 0843
US attendees are invited to call +1 866 850 2201
Participants will need to quote the following confirmation code when dialing into the conference: 3885488.
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 3885488 followed by # (pound-sign)
A replay of the conference call will also be available at www.tgsnopec.com