ASKER, NORWAY (2 February 2017) - TGS reported net revenues of USD 165 million in Q4 2016 following strong late sales performance. Full year 2016 net revenues were USD 456 million. Quarterly dividend will be maintained at USD 0.15 per share. New multi-client investments for 2017 are expected to be at approximately the same level as in 2016.
4th Quarter Highlights
2016 Full Year Financial Highlights
2017 Full Year guidance
While the Q4 2016 results confirm early signs of improvement in the market, visibility remains low for the near-term. The combination of a strong balance sheet and flexible business model positions TGS well to continue to take advantage of market conditions.
Including the recent announcements of the large Atlantic Margin 3D project in Norway and TGS' first survey in the Permian basin onshore U.S, a substantial part of the 2017 investment plans has already been committed.
With the expectation of further investments being committed during the year, TGS provides the following guidance for 2017:
*New multi-client investments excluding investments related to surveys with risk sharing arrangements
"TGS delivered a strong Q4 2016, beating both company forecasts and market expectations. Going into 2017 we are well positioned with an efficient cost base, strong balance sheet and flexible business model. Our employees are actively developing new business opportunities during this down-cycle as we continue to enhance our status as the world's leading multi-client geophysical company," TGS' CEO Kristian Johansen stated.
To access TGS Q4 2016 results information, please use the web links below:
Capital Markets Day Presentation and Webcast
Kristian Johansen (CEO) and Sven Børre Larsen (CFO) will present the 2016 financial results and 2017 guidance at 9.00am GMT during the company's Capital Markets Day in London, UK today.
To access TGS Capital Markets Day presentation and webcast, please use the web links below:
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act).