TGS 2016 Financial Statements Approved

Asker, Norway (23 March 2017) - The Board of Directors of TGS-NOPEC Geophysical Company ASA has today approved the financial statements for 2016 showing a net income USD 27.7 million in 2016. Net income has been increased by USD 5.4 million following a reduction of the tax expense compared to the preliminary financial statements reported on 2 February 2017. EPS (fully diluted) is at 0.28 for 2016, and total equity is at USD 1,169 million at 31 December 2016.

The Annual Report for 2016 will be published on the company's website and notified to the Oslo Stock Exchange in April 2017.

The Annual General Meeting will be held on 9 May 2017.

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, 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: [phone]
Email: [e-mail]

Will Ashby
VP HR & Communication
Tel: [phone] begin_of_the_skype_highlighting 
Email: [e-mail] 

 

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

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Source: TGS via Globenewswire