ASKER, NORWAY (23 May 2017) - TGS demonstrates counter-cyclical strategy as it increases 2017 Investment Guidance to approximately USD 260 million. TGS has successfully secured prefunding commitments from clients to support additional multi-client investments in 2017. The new investment guidance represents an increase of approximately 20% over 2016 multi-client investments.
"I am delighted to announce this increase to TGS' 2017 investment guidance. Through our counter-cyclical strategy we are adding a record-high amount of 3D data to our multi-client library at attractive unit costs. This will position TGS to enhance its status as the world's leading multi-client geophysical company," commented Kristian Johansen, CEO of TGS.
TGS provides the following increased guidance for 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