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ASKER, NORWAY (07 January 2016) - Based on a preliminary review of sales and investments, TGS provides the following update on Q4 2015:
The weak market conditions are expected to continue in 2016. Consequently, TGS is planning for a lower activity level, which results in the following guidance for 2016:
As announced on 4 December 2015, the accounting practice with respect to amortization of the multi-client library will change with effect from 1 January 2016. In accordance with the new policy TGS estimates multi-client amortization of close to 290 MUSD in 2016. An expected impact of the new accounting practice will be more predictable and less volatile quarterly normal amortization of the data library.
"TGS' 2016 operational multi-client investments will be reduced by more than 50% compared to 2015. This is partly a result of lower cost of acquiring seismic data as average vessel day rates will be substantially lower than in 2015. Furthermore, the activity level will be reduced as oil companies have become less willing to prefund new surveys" commented Robert Hobbs, CEO, TGS. "As a result of the weak market conditions there is higher uncertainty than usual with respect to late sales of seismic data. Late sales are normally heavily dependent on oil companies' E&P spending. This relationship will continue in 2016 and as a result, TGS expects late sales to move in line with or slightly better than general E&P spending trends. However, the significant reduction in investments combined with the effect from the cost cutting measures implemented last year should support positive cash flow development despite the challenging environment."
Conference Call 07 January 2016
CEO Robert Hobbs and CFO Sven Børre Larsen will host a conference call at CET 3:00pm (9:00 AM New York time).
Call-in details are as follows:
Attendees may want to call 5-10 minutes before 3:00 CET (9:00 AM NY) to ensure registration and access.
Participants will need to quote the following confirmation code when dialing into the conference: 3630842
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,
A replay of the conference call will also be available at www.tgs.com.