ASKER, NORWAY (28 October 2016) - TGS reported net revenues of USD 113 million in Q3 2016, flat with the prior Quarter (USD 114 million in Q2 2016).  Operating profit for the quarter was USD 11 million (10% of net revenues).  With customer activity remaining stable from Q2 to Q3 2016, TGS was able to deliver a second consecutive quarter of positive operating profit.  Free cash flow generated in Q3 2016 was USD 29 million, resulting in a cash balance of USD 173 million. Quarterly dividend is maintained at USD 0.15 per share.


  • Consolidated net revenues were USD 113 million, compared to USD 169 million in Q3 2015
  • Net late sales totaled USD 67 million, down 26% from USD 90 million in Q3 2015
  • Net pre-funding revenues were USD 39 million, down 47% from Q3 2015, funding 58% of the Company's operational multi-client investments during Q3 (operational investments of USD 68 million, down 50% from Q3 2015)
  • Proprietary revenues were USD 7 million, compared to USD 5 million in Q3 2015
  • Operating profit (EBIT) was USD 11 million (10% of net revenues), compared to USD 46 million (27% of net revenues) in Q3 2015
  • Cash flow from operations was USD 91 million, compared to USD 121 million in Q3 2015
  • Free cash flow (after multi-client investments) was USD 29 million, compared to USD 49 million in Q3 2015.
  • Earnings per share (fully diluted) were USD 0.02, down from USD 0.39 in Q3 2015.
  • New North West African Atlantic Margin expansion announced
  • Updated financial guidance for 2016:

o   New operational multi-client investments of approximately USD 220 million (down from MUSD 230)

o   Additional multi-client investments expected from sales of existing surveys with risk sharing arrangements

o   Multi-client investments are expected to be prefunded 40% to 45%

"Despite the continued challenging market conditions we are pleased to announce strong operating performance, stable revenues and a positive development in cash flow. Following a challenging first quarter for the seismic industry, we have experienced two consecutive quarters with increased interest for seismic data. Our positive free cash flow in Q3 strengthens our balance sheet further and enables TGS to continue to pursue counter cyclical opportunities." TGS' CEO Kristian Johansen stated.

To access TGS Q3 2016 results information click below:

Investor Presentation and Webcast

Kristian Johansen (CEO) and Sven Børre Larsen (CFO) will present the results at 9:00 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

The slides from the presentation will also be available in PDF format on the TGS website.

Q3 2016 Conference Call

Kristian Johansen and Sven Børre Larsen will host a conference call on 28 October 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.

  • Norwegian attendees are invited to call +800 51084 or +47 2100 2610
  • International attendees are invited to call 0800 358 6377 or +44 (0)203 043 2003
  • US attendees are invited to call +1 800-274-0251

Participants will need to quote the following confirmation code when dialing into the conference: 1217777

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,

  • dial +47 23 50 00 77 (Norway) or +44 (0)207 660 0134 (International) or +1 719-457-0820 (US)
  • replay access code 1217777 followed by # (pound-sign)

A replay of the conference call will also be available at