ASKER, NORWAY--(Marketwired - Feb 2, 2016) - Following its update on 07 January 2016, TGS now confirms Q4 2015 net revenues of USD 132 million and full year 2015 net revenues of USD 612 million. The Board of Directors has resolved to pay a dividend of USD 0.15 per share in Q1 2016.

4^th QUARTER HIGHLIGHTS

• Consolidated net revenues were USD 132 million, compared to USD 298 million in Q4 2014.
• Net late sales totaled USD 90 million, down 60% from USD 226 million in Q4 2014.
• Net pre-funding revenues were USD 37 million, down 41% from Q4 2014, funding 42% of the Company's operational multi-client investments during Q4 (operational investments of USD 88 million, down 30% from Q4 2014).
• Proprietary revenues were USD 5 million, compared to USD 9 million in Q4 2014.
• Operating profit (EBIT) was USD -140 million (-106% of net revenues), compared to USD 47 million (16% of net revenues) in Q4 2014. Operating costs in Q4 2015 include:
  • Impairments of USD 161 million of the multi-client library.
  • Restructuring costs of USD 10 million.
  • Provisions related to bad debt and other commercial activities of USD 8 million.
• Cash flow from operations was USD 99 million, compared to USD 131 million in Q4 2014.
• Earnings per share (fully diluted) were USD -1.19, down from USD 0.31 in Q4 2014.

FULL YEAR 2015 FINANCIAL HIGHLIGHTS

• Consolidated net revenues were USD 612 million, down from USD 915 million in 2014.
• Net late sales from the multi-client library totaled USD 334 million, down 47% from USD 631 million in 2014.
• Net pre-funding revenues were USD 257 million, up 4% from 2014, funding 51% of the Company's operational multi-client investments during 2015 (operational investments of USD 502 million, up 9% from 2014).
• Operating profit (EBIT) was USD -21 million (-3% of net revenues), compared to USD 295 million (32% of net revenues) in 2014.
• Cash flow from operations was USD 567 million compared to USD 605 million in 2014, a decrease of 6%.
• Earnings per share (fully diluted) were USD -0.28, down from 2.09 in 2014.

DIVIDEND

From 2016, TGS will start paying quarterly dividends in accordance with the resolution made by the Annual General Meeting on 6 May 2015. The aim will be to keep a stable quarterly dividend in US dollars through the year, but the actual level paid will be subject to continuous evaluation of the underlying development of the company and the market.

The Board of Directors of TGS has resolved to pay a dividend of USD 0.15 per share in Q1 2016. The dividend will be paid in the form of NOK 1.30 per share on 23 February 2016. The share will trade ex-dividend on 9 February 2016.

"Oil companies are continuing to cut E&P spending. The market for seismic data is likely to remain weak in 2016. TGS has implemented a number of measures to handle the downturn. In November 2015, a major restructuring of the company was implemented and through 2015 the global workforce was reduced by approximately 28%. Compared to last year, the run rate for cash operating cost has been reduced by approximately USD 25 million per year. We are continuing to work hard on identifying interesting projects that can create long-term value for our shareholders and provide rapid growth when the market improves," says Robert Hobbs, CEO of TGS.

"The financial guidance released on 7 January 2016 remains unchanged. That is, we still anticipate multi-client investments of USD 220 million, of which 45-50% is expected to be prefunded by our clients."

To access TGS Q4 2015 results information click below:

• Earnings Release
• Presentation Slides
• Live Presentation

Investor Presentation and Webcast

Robert Hobbs (CEO) and Sven Børre Larsen (CFO) will present the results at approximately 08:30 CET at the Hotel Continental, Stortingsgata 24/26 in Oslo, Norway. The presentation is open to the public. The presentation can be followed live on the internet at www.tgs.com.

The slides from the presentation will also be available in PDF format on the TGS website.

Q4 2015 Conference Call

CEO Robert Hobbs and CFO Sven Børre Larsen will host a conference call on 2 February 2016 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 2729
• International attendees are invited to call 0800 279 4841 or +44 (0)20 3427 1900
• US attendees are invited to call +1 877 280 2342

Participants will need to quote the following confirmation code when dialing into the conference: 5345619

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 or +1 866 932 5017 (US)
• Replay access code is 5345619 followed by the # (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, 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".