In addition to our extensive global geophysical and geological data libraries, we also offer advanced processing and imaging services, interpretation products, and robust data-application integration. Access the industry’s largest volume of geoscience data through TGS’ cloud-based web portal, R360.R360 Login
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ASKER, NORWAY (4 August 2016) - TGS reported net revenues of USD 114 million in Q2 2016, up 79% from the prior Quarter (USD 64 million in Q1 2016). Operating profit for the quarter was USD 22 million. This improved performance in Q2 2016 compared to preceding quarters reflects a slight improvement in oil companies' willingness to invest in seismic data as well as cost control and rightsizing initiatives implemented by the company (adjusted personnel and other operating costs down 30% from Q2 2015). Cash balance at the end of Q2 2016 was USD 162 million. Quarterly dividend is maintained at USD 0.15 per share.
2nd QUARTER HIGHLIGHTS
"We are very pleased with our results for Q2 2016 following a challenging first quarter for the seismic industry. While seeing some signs of improvement in oil companies' willingness to invest in seismic data, the market is expected to remain challenging in the near term.
Despite this near term uncertainty TGS remains optimistic on the longer term future. The asset light, flexible business model and significantly lower cost base means that the company is well placed to further enhance its leading position in the seismic market." TGS' CEO Kristian Johansen stated.
To access TGS Q2 2016 results information click below:
Investor Presentation and Webcast
Kristian Johansen (CEO) and Sven Børre Larsen (CFO) will present the results at 8:30 am CEST at the Hotel Continental (Teatersalen) in Oslo, Norway. The presentation is open to the public. The presentation can be followed live on the internet at www.tgs.com.
The slides from the presentation will also be available in PDF format on the TGS website.
Q2 2016 Conference Call
Kristian Johansen and Sven Børre Larsen will host a conference call on 4 August 2016 at 3:00 pm CEST (9:00 am New York time). Attendees may want to call 5-10 minutes before 3:00 pm CEST (9:00 am New York time) to ensure registration and access.
Participants will need to quote the following confirmation code when dialing into the conference: 6552754
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.