ASKER, NORWAY (2 February 2017) - TGS reported net revenues of USD 165 million in Q4 2016 following strong late sales performance. Full year 2016 net revenues were USD 456 million. Quarterly dividend will be maintained at USD 0.15 per share. New multi-client investments for 2017 are expected to be at approximately the same level as in 2016.
4 th Quarter Highlights
2016 Full Year Financial Highlights
2017 Full Year guidance
While the Q4 2016 results confirm early signs of improvement in the market, visibility remains low for the near-term. The combination of a strong balance sheet and flexible business model positions TGS well to continue to take advantage of market conditions.
Including the recent announcements of the large Atlantic Margin 3D project in Norway and TGS' first survey in the Permian basin onshore U.S, a substantial part of the 2017 investment plans has already been committed.
With the expectation of further investments being committed during the year, TGS provides the following guidance for 2017:
*New multi-client investments excluding investments related to surveys with risk sharing arrangements
"TGS delivered a strong Q4 2016, beating both company forecasts and market expectations. Going into 2017 we are well positioned with an efficient cost base, strong balance sheet and flexible business model. Our employees are actively developing new business opportunities during this down-cycle as we continue to enhance our status as the world's leading multi-client geophysical company," TGS' CEO Kristian Johansen stated.
To access TGS Q4 2016 results information, please use the web links below:
Capital Markets Day Presentation and Webcast
Kristian Johansen (CEO) and Sven Børre Larsen (CFO) will present the 2016 financial results and 2017 guidance at 9.00am GMT during the company's Capital Markets Day in London, UK today.
To access TGS Capital Markets Day presentation and webcast, please use the web links below:
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, permanent reservoir monitoring and data integration solutions.
For more information visit TGS online at
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 principal 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
VP HR & Communication
Tel: +1 713 860 2184 begin_of_the_skype_highlighting end_of_the_skype_highlighting
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)