OSLO, NORWAY (8 October 2020) - Based on preliminary reporting from operating units, TGS management expects net segment revenues for the third quarter of 2020 to be approximately USD 81 million.
Kristian Johansen, CEO at TGS, stated, “The market remained challenging during the third quarter with record low acquisition activity across the industry. As late sales of seismic historically have been a reliable indicator of the direction of the state of the industry it is somewhat encouraging to see a 10% sequential growth in late sales in the third quarter. While we may see early signs of a gradual improvement, we plan for a strong capital discipline, supporting dividend and strategic investments”.
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.
Forward Looking Statement 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, as well as volatile market conditions, which have been exacerbated by the COVID-19 pandemic and the severe drop in oil prices. 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.