Naersnes, Norway, January 9th, 2003 - Based on preliminary reporting from operating units, management now expects Net Revenues for the Fourth Quarter of 2002 to be approximately USD 35 million. This figure is significantly above the specific USD 31 million Net Revenue estimate and slightly above the upper end of the Net Revenue range issued in the Company's latest guidance on November 7th, 2002.
The full 4th Quarter earnings release is scheduled for February 13th, 2003.
TGS-NOPEC is a leading global provider of multi-client geoscience data and associated products and services to the oil and gas industry. TGS-NOPEC specializes in the planning, acquisition, processing, interpretation and marketing of non-exclusive seismic surveys worldwide. A2D Technologies, a wholly owned subsidiary, pioneered the delivery of digital well log data over the Internet and currently offers a one-of-a-kind integrated solution for well log data sourcing, well log data management, and well log correlation. The TGS-NOPEC group places a strong emphasis on providing high-quality data and the highest level of service to the industry.
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. These include TGS-NOPEC's reliance on a cyclical industry and principal customers, the company's ability to continue to expand markets for licensing of data, and the company's ability to acquire and process data products at costs commensurate with profitability. Actual results may differ materially from those expected or projected. TGS-NOPEC undertakes no responsibility to update forward-looking statements.
For additional information about this news release please contact:
Arne Helland, CFO
Telephone: +47-31-29-20-00 / +47-91-88-78-29
John Adamick, VP Business Development
Telephone: +1 713-860-2102