ASKER, NORWAY (8 October 2013) - Based on a review of the investment plans for the remainder of the year, TGS expects total investments for 2013 of between USD 400 - 440 million with a pre-funding ratio near the lower end of the previously guided range of 40% - 50%. As a result of the revised investment plan, net revenues for 2013 are expected to be USD 810 - 870 million.
Investments in Q3 were USD 112 million with an average prefunding of 39%. Net revenues in Q3 are expected to be USD 191 million, reflecting continued strong demand for the existing TGS data library.
"We continue to experience delays as we wait for permits to acquire new surveys. Further, we remain very focused on quality. This focus has resulted in TGS passing up or postponing a number of low prefunded projects where the risk of achieving the required return is too high. Our late sales, however, continue to be strong, reinforcing the value of TGS' global data library", says TGS' CEO Robert Hobbs.
TGS will report the Q3 2013 earnings on 23 October.