Press Releases

TGS Q3 2010 interim report

3rd QUARTER HIGHLIGHTS  

  • Consolidated net revenues were USD 130.1 million, an increase of 4% compared to Q3 2009. 
  • Net late sales totaled USD 100.3 million, up 30% from Q3 2009. 
  • Net pre-funding revenues were USD 23.9 million, down 36% from Q3 2009, funding 38% of the Company's multi-client investments during Q3 (investments of USD 62.5 million, down 29% from Q3 2009). 
  • Proprietary revenues were USD 5.9 million, down 44% from Q3 2009. 
  • Operating profit (EBIT) was USD 53.5 million (41% of Net Revenues), down 9% from Q3 2009. 
  • Cash flow from operations was USD 109.3 million, up from USD 108.7 million in Q3 2009. 
  • Earnings per share (fully diluted) were USD 0.37 compared to USD 0.48 in Q3 2009. 

9 MONTHS FINANCIAL HIGHLIGHTS  

  • Consolidated net revenues were USD 390.7 million, an increase of 22% compared to the same period in 2009. 
  • Net late sales from the multi-client library totaled USD 238.2 million, up 24% from USD 191.5 million in 2009. 
  • Net pre-funding revenues were USD 136.5 million, up 29% from 2009, funding 53% of the Company's multi-client investments during the first 9 months of 2010 (investments of USD 255.8 million, up 12% from 2009). 
  • Proprietary revenues were USD 15.9 million, down 30% from 2009. 
  • Operating profit (EBIT) was USD 145.8 million (37% of Net Revenues), up 9% from USD 133.2 million in 2009. 
  • Cash flow from operations was USD 289.7 million, an increase of 16% from USD 249.1 million in 2009. 
  • Earnings per share (fully diluted) were USD 0.95 compared to USD 1.01 for the same period in 2009.   

"We are very pleased to announce that late sales from our previous investments increased by 30% from Q3 2009. While we were disappointed that a planned 3D project in Angola has not yet materialized, our strong data library position and flexible business model have allowed us to take advantage of new project ideas in attractive areas,"TGS' CEO Robert Hobbs stated.  

TGS Q3 2010 Interim Report

CEO Robert Hobbs, CFO Kristian Johansen  and VP Business Development Karen El-Tawil will also host a conference call on 4 November 2010 at 14:30 CET Norwegian time (9:30 AM New York time). Norwegian attendees are invited to call +47 2100 2610 or 800 19641, International attendees are invited to call +44 (0) 20 7138 0844 or 0800 032 3808 and USA attendees are invited to call +1 718 247 0881 or 866 850 2201. Attendees may want to call 5-10 minutes before 14:30 CET (9:30 AM NY) hours to ensure registration and access.  

Participants will need to quote the following confirmation code when dialing into the conference: 7914061.   

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 the actual call. To access the replay of the TGS conference call,  

  • dial +47 2100 0498 (Norway), +44 (0) 20 7111 1244 (International) or +1 347 366 9565 (USA)    
  • replay access code 7914061 followed by # (pound-sign)