ASKER, NORWAY (9 January 2020) - Based on preliminary reporting from operating units, TGS management expects net segment revenues* for the fourth quarter of 2019 to be approximately USD 230 million.
Kristian Johansen, CEO at TGS, stated, "After record high revenues in Q3, we are pleased to follow up with another solid quarter. This means that TGS’ full-year pro-forma revenues were up by an impressive 16.2% compared to 2018. Further, our sales pipeline for Q1 2020 looks promising, with high vessel activity combined with solid pre-funding."
* Based on segment reporting with revenues from projects-in-progress, recognized according to percentage of completion, as opposed to the IFRS reporting where revenues as a main rule are not recognized until the project has been delivered to the customer(s).
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
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:
Dean Zuzic, Chief Financial Officer
Tel: +47 41 43 35 60
Email: investor@tgs.com