TGS announces Q1 2013 revenues of USD 211 million

ASKER, NORWAY (25 April 2013) - TGS reports net revenues of USD 211 million in Q1 2013, compared to USD 191 million in Q1 2012, a 10% increase. The Company's operational multi-client investments were USD 126 million, up 24% from Q1 2012. TGS' net late sales totaled USD 127 million, up 12% from Q1 2012. 

1st QUARTER HIGHLIGHTS

• Consolidated net revenues were USD 211 million, an increase of 10% compared to Q1 2012.
• Net late sales totaled USD 127 million, up 12% from Q1 2012.
• Net pre-funding revenues were USD 56 million, down 25% from Q1 2012, funding 44% of the Company's operational multi-client investments during Q1 (investments of USD 126 million, up 24% from Q1 2012).
• Proprietary revenues were USD 29 million, compared to USD 4 million in Q1 2012.
• Operating profit (EBIT) was USD 89 million (42% of net revenues), compared to USD 89 million (46% of net revenues) in Q1 2012.
• Cash flow from operations was USD 179 million, up from USD 147 million in Q1 2012.
• Earnings per share (fully diluted) were USD 0.58, compared to USD 0.61 in Q1 2012.

"We are pleased to report record late sales for a first quarter period confirming the value of our high quality data library. These results put us on track with our 2013 plan," TGS' CEO Robert Hobbs stated.

To access TGS Q1 2013 results information click below:

• Earnings Release
• Presentation Slides
• Webcast

Q1 2013 Conference Call 

CEO Robert Hobbs and CFO Kristian Johansen will host a conference call on 25 April 2013 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 +800 56054 or +47 2316 2771
• International attendees are invited to call 0800 279 5004 or +44 (0)20 7136 2056
• US attendees are invited to call +1 877 280 1254

Participants will need to quote the following confirmation code when dialing into the conference: 5452624.

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 +47 2100 0498 (Norway) or +44 (0)20 3427 0598 (International) or +1 347 366 9565  (US)
• replay access code 5452624 followed by # (pound-sign)

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