Press Releases

TGS Q1-2010 interim report

1st QUARTER HIGHLIGHTS

  • Consolidated net revenues were USD 148.2 million, up 109% from USD 70.8 million in Q1 2009.
  • Gross late sales from the multi-client library totaled USD 96.1 million, up 132% from USD 41.5 million in Q1 2009. Net late sales of USD 73.4 million were 145% up from Q1 2009
  • Net pre-funding revenues of USD 69.6 million increased 102% compared to Q1 2009 and funded 72% of the Company's operational investments into new multi-client products (USD 96.2 million).
  • Operating profit (EBIT) was USD 58.8 million (40% of Net Revenues), up 197% from USD 19.8 million in Q1 2009.
  • Cash flow from operations after taxes but before investments was USD 106.3 million, versus USD 95.9 million in Q1 2009.
  • Earnings per share (fully diluted) were USD 0.40 versus USD 0.13 in Q1 2009.

"Our strong results in Q1 have further confirmed our view that our customers have returned to investing in high-quality data after a very challenging year for our industry in 2009,"  stated TGS' CEO Robert Hobbs. "Strong interest in our modern 3D and WAZ data in established plays such as the Gulf of Mexico has been augmented with increased interest in our new 2D and 3D data off West Africa as E&P companies continue to be drawn to this exciting new play."

TGS Q1-2010 Interim Report

CEO Robert Hobbs, VP Business Development Karen El-Tawil and Corporate Controller Fredrik Amundsen will also host a conference call on 6 May 2010 at 15:00 CET Norway time (9:00 AM New York time). Norwegian attendees are invited to call +47 2415 9758 and international attendees are invited to call +44 (0) 20 7806 1968. Attendees may want to call 5-10 minutes before 15:00 CET (9:00 AM NY) to ensure registration and access.

Participants will have to quote the following confirmation code when dialing into the conference: 4863443.

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 TGS conference call,

  • dial +47 2100 0498 (Norway) or +44 (0) 20 7111 1244 (International)
  • replay access code 4863443 followed by # (pound-sign)

A replay of the conference call will also be available at www.tgsnopec.com.

About TGS

TGS provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration solutions.

All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include TGS' reliance on a cyclical industry and principal customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data product at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

Sven Børre Larsen

Sven Børre Larsen

Chief Financial Officer

Tel: +47 90 94 36 73

Ellen Munkvold

Ellen Munkvold

IR Coordinator

Tel: +47 97 76 26 25