ASKER, NORWAY (7 February 2019) - TGS reported net revenues of USD 188 million in Q4 2018 compared to USD 157 million in Q4 2017, corresponding to a growth of 20%.  Operating profit for the quarter was USD 68 million (36% of net revenues) and net income was USD 61 million resulting in earnings per share of USD 0.59, a growth of 11% year-on-year.

With a strong cash balance of USD 274 million, TGS increases its quarterly dividend to USD 0.27 per share, up 35% from the previous quarter.

4th Quarter Highlights - Segment Reporting

  • Consolidated net revenues were USD 188 million, up 20% from USD 157 million in Q4 2017
  • Net late sales totaled USD 152 million, up 6% from USD 143 million in Q4 2017
  • Net pre-funding revenues were USD 34 million, funding 54% of TGS' operational multi-client investments for the quarter
  • Operational multi-client investments were USD 63 million.
  • Operating profit (EBIT) was USD 68 million (36% of net revenues), compared to USD 52 million (33% of net revenues) in Q4 2017
  • Net income was USD 61 million, up 11% from USD 55 million in Q4 2017
  • Cash flow from operations was USD 62 million, down from USD 137 million in Q4 2017
  • Free cash flow (after multi-client investments) was negative - USD 18 million, down from USD 56 million in Q4 2017
  • Cash balance at 31 December 2018 was USD 274 million
  • Earnings per share (fully diluted) were USD 0.59, up 11% from USD 0.53 in Q4 2017
  • Quarterly dividend is at USD 0.27 per share, up 35% from Q4 2017


Financial guidance for 2019 is as follows:

  • Growth in multi-client investments of approximately 20%
  • Pre-funding of new multi-client investments expected to be 40-45%
  • Total amortization cost to be at approximately same level as 2018


" Once again we outperformed market expectations and delivered a 2018 revenue growth of 26%. Based on industry leading cash generation and return on capital we are pleased to announce a 35% increase in our dividend to shareholders. While there continues to be some uncertainty related to important factors such as U.S Onshore production, oil price and E&P budgets, we are confident that the positive trend from 2018 will continue this year. As a result we are guiding a multi-client investment growth of approximately 20% for 2019 backed by a good pipeline of interesting investment opportunities", TGS' CEO Kristian Johansen stated.

 To access TGS Q4 results information, please use the web links below:



Q4 2018 Presentation and Capital Markets Day

CEO Kristian Johansen and CFO Sven Børre Larsen will present the results and 2019 guidance during the company's Capital Markets Day which will take place at Felix Konferansesenter in Oslo, Norway, from CET 09.00 am. The presentation is open to the public and can be followed live on the internet at

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