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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.
3rd QUARTER HIGHLIGHTS
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 www.tgs.com.
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.
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,
A replay of the conference call will also be available at www.tgs.com