ASKER, NORWAY (26 October 2017) - TGS reported net revenues of USD 142 million in Q3 2017, up 25% from Q3 2016. Operating profit for the quarter was USD 26 million, up from USD 11 million in Q3 2016. Cash flow from operations was USD 86 million resulting in a cash balance of USD 205 million in addition to an undrawn credit facility of USD 75 million. Quarterly dividend will be maintained at USD 0.15 per share. 

3rd Quarter Highlights

  • Consolidated net revenues were USD 142 million, up 25% from USD 113 million in Q3 2016
  • Net late sales totaled USD 79 million, up 18% from USD 67 million in Q3 2016 
  • Net pre-funding revenues were USD 62 million (an increase of 58% from Q3 2016), funding 54% of TGS' operational multi-client investments for the quarter
  • Operational multi-client investments were USD 114 million in addition to USD 1 million from risk sharing arrangements and USD 5 million of non-operational investments
  • Operating profit (EBIT) was USD 26 million (18% of net revenues), compared to USD 11 million (10% of net revenues) in Q3 2016
  • Cash flow from operations was USD 86 million, compared to USD 91 million in Q3 2016
  • Free cash flow (after multi-client investments) was USD -19 million, compared to USD 29 million in Q3 2016.  Year to date free cash flow stands at USD 67 million.
  • Cash balance at 30 September 2017 was USD 205 million in addition to the undrawn USD 75 million Revolving Credit Facility
  • Earnings per share (fully diluted) were USD 0.09, compared to USD 0.02 in Q3 2016
  • Quarterly dividend maintained at USD 0.15 per share
  • Financial guidance unchanged from 23 May 2017:
    • New multi-client investments* of approximately USD 260 million
    • Additional multi-client investments expected from sales of existing surveys with risk sharing arrangements
    • Pre-funding of new multi-client investments* expected to be approximately 40-45%

*New multi-client investments excluding investments related to surveys with risk sharing arrangements

"We are pleased with our third quarter results, including revenue growth of 25% from last year and continued strong profitability. Our strong balance sheet allows us to continue to invest in profitable projects and we acquired record high data volumes in Q3. At the same time, we are continuing to pay a quarterly dividend to our shareholders.  With a solid financial position combined with a diversified data library, TGS is uniquely positioned to enhance its status as the world's leading multi-client geophysical company," TGS' CEO Kristian Johansen stated.

To access TGS Q3 2017 results information, please use the web links below: 

Q3 2017 Presentation and Webcast 
Kristian Johansen (CEO) and Sven Børre Larsen (CFO) will present the results at 9.00 am CEST at the Hotel Continental (Teatersalen) in Oslo, Norway. The presentation is open to the public and can be followed live on the internet at or directly from the webcast.

The slides from the presentation will also be available in PDF format at both the TGS and Oslo Stock Exchange websites.

Q3 2017 Conference Call

CEO Kristian Johansen and CFO Sven Børre Larsen will host a conference call on 26 October 2017 at 2.30 pm CEST (8.30 pm EDT). Attendees may want to call 5-10 minutes before to ensure registration and access.

  • Norwegian attendees are invited to call +800 51084 or +47 2350 0296
  • International attendees are invited to call 0800 279 7204 or +44 (0)330 336 9411
  • US attendees are invited to call +1 866 548 4713 or +1 719 325 2202

Participants will need to quote the following confirmation code when dialing into the conference: 2899853.

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 23 50 00 77 or +800 196 72 (Norway)
  • +44 (0) 207 660 0134 or +0 808 101 1153 (International)
  • +1 719 457 0820 or +888 203 1112 (US)
  • replay access code 2899853 followed by # (pound-sign).

A replay of the conference call will also be available at