4th QUARTER HIGHLIGHTS
- Consolidated net revenues were USD 157.8 million, up 1% from operational net revenues of USD 155.8 million in Q4 2008(ex USD 16.6 million settlement from Wavefield-Inseis in 2008).
- Gross multi-client late sales revenues were 33% higher than in Q4 2008.
- Net late sales of USD 129.5 million were 24% up from Q4 2008.
- Operational investments into new multi-client products were USD 37.3 million, 34% lower than USD 56.1 million in Q4 2008. The investments were supported by 49% prefunding (USD 18.4 million).
- Operating profit (EBIT), was USD 77.0 million (49% of Net Revenues), up 14% from operational EBIT of USD 67.8 in Q4 2008 (Wavefield settlement excluded).
- Cash flow from operations after taxes but before investments was USD 77.0 million, versus USD 110.3 million in Q4 2008.
- The tax rate reported for the quarter was only 24% due to the recognition of a retroactive tax benefit in the U.S.A.
- Earnings per share (fully diluted) were USD 0.56, the same as reported in Q4 2008 (up 18% excluding the Wavefield settlement effects in Q4 2008).
FULL YEAR 2009 HIGHLIGHTS
- Consolidated net revenues were USD 477.7 million, a decrease of 18% compared to 2008.
- Gross late sales from the multi-client library totaled USD 460.7 million, up 6% from 2008. Net late sales from the multi-client library after revenue sharing totaled USD 321.0 million, down 5% from USD 337.5 million in 2008.
- Operating profit (EBIT) was USD 210.2 million (44% of Net Revenues), down 22% from USD 269.0 million in 2008.
- Cash flow from operations after taxes but before investments was USD 326.1 million, versus USD 350.8 million in 2008.
- Operational investments in the multi-client inventory were 47% pre-funded and totaled USD 266.0 million, 7% down from USD 287.0 million in 2008.
- Earnings per share (fully diluted) were USD 1.56 versus USD 1.10 reported in 2008.
"We are pleased to, once again, have fulfilled every aspect of our full year guidance during a very challenging period for the industry", TGS' CEO Robert Hobbs stated. "We remain optimistic about the longer term fundamentals for the energy sector. At TGS our strong backlog, solid financial position, and highly flexible business model uniquely position us to take advantage of new opportunities in this cycle."
Please find the full interim report attached.
A presentation of results will be held today, February 11, 2010 at 08.30 hrs CET at Theatersalen in Hotel Continental, Oslo. The presentation can be followed live on the internet at www.tgsnopec.com streamed by Webcast Norge. A recorded version will be available shortly thereafter at on the TGS website.
A telephone conference will be held today, February 11, 2010 at 14.00 Norwegian time (8.00 AM New York time). Details can be found at www.tgsnopec.com.