ASKER, NORWAY (10 April 2018) - Based on preliminary reporting from operating units, TGS management expects net revenues for the first quarter of 2018 to be approximately USD 135 million, 56% higher than Q1 2017.
"We are very pleased with our Q1 revenue performance, particularly given that over 85% comes from late sales attributed to the existing data library. With all regions performing above our expectations, we see this as another sign of an underlying improvement in the market," commented Kristian Johansen, CEO, TGS.
TGS-NOPEC Geophysical Company (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.
For more information visit TGS online at www.tgs.com.
Forward-looking statements and contact information
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 principle customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data products at costs commensurate with profitability. 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.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO:TGS).
TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY".
For additional information about this press release please contact:
Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Email: [email protected]
VP HR & Communication
Tel: +1 713 860 2184 begin_of_the_skype_highlighting end_of_the_skype_highlighting
Email: [email protected]
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: TGS via Globenewswire