TGS announces Q1 2014 revenues of USD 222 million

ASKER, NORWAY (24 April 2014) - TGS reports net revenues of USD 222 million in Q1 2014, up 5% from USD 211 million in Q1 2013.

1st QUARTER HIGHLIGHTS

·         Consolidated net revenues were USD 222 million, compared to USD 211 million in Q1 2013.
·         Net late sales totaled USD 137 million, up 9% from USD 127 million in Q1 2013.
·         Net pre-funding revenues were USD 74 million, up 33% from Q1 2013, funding 57% of the Company's operational multi-client investments during Q1 (investments of USD 129 million, up 3% from Q1 2013).
·         Proprietary revenues were USD 11 million, compared to USD 29 million in Q1 2013.
·         Operating profit (EBIT) was USD 94 million (42% of net revenues), compared to USD 89 million (42% of net revenues) in Q1 2013.
·         Cash flow from operations was USD 223 million, compared to USD 179 million in Q1 2013.
·         Earnings per share (fully diluted) were USD 0.66, up 13% from Q1 2013.

"Our strong results in Q1 2014 have further confirmed the quality of our data library. We are pleased to report record late sales for a first quarter period and a promising start of a new year. As of 31 March 2014, our cash holdings amounted to USD 366 million. This supports our commitment to deliver shareholder returns through a combination of growth, dividends and share buy-backs"  TGS' CEO Robert Hobbs stated.

To access TGS Q1 2014 results information click below:

• Earnings Release
• Presentation Slides
• Webcast

Q1 2014 Conference Call 

CEO Robert Hobbs and CFO Kristian Johansen will host a conference call on 24 April 2014 at 15:00 CET (9:00 AM New York time). Attendees may want to call 5-10 minutes before 15:00 CET (9:00 AM NY) to ensure registration and access.

• Norwegian attendees are invited to call [phone] or [phone]
• International attendees are invited to call 0800 279 4992  or [phone]
• US attendees are invited to call [phone] 

Participants will need to quote the following confirmation code when dialing into the conference: 7783156.

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 [phone] (Norway) or [phone] (International) or [phone] (US)
• replay access code 7783156 followed by # (pound-sign) 

A replay of the conference call will also be available at www.tgs.com.

Company Summary

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 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 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:

Kristian Johansen
Chief Financial Officer
Tel: [phone]
Email: [e-mail]

Will Ashby
Director Finance Western Hemisphere & Investor Relations
Tel: [phone]
Email: [e-mail]
 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

Presentation
Earnings Release

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
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

HUG#1779470