ASKER, NORWAY (9 January 2019) - Based on preliminary reporting from operating units, TGS management expects net revenues for the fourth quarter of 2018 to be approximately USD 188 million.
"Q4 2018 was another strong quarter for TGS with 20% revenue growth. This marks the end of a successful year characterized by strong cash flow, industry-leading returns and year-on-year growth in revenues of 26%. While the oil price volatility had some impact on clients' year-end spending, our diversified data library continued to deliver strong growth. With oil prices currently trading below $60 per barrel, there continues to be some uncertainty on 2019 E&P spending, particularly offshore. However, I'm confident that our quality data library and pipeline of new projects position TGS for another successful year," says Kristian Johansen, CEO of TGS.
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, permanent reservoir monitoring 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 principal 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:
Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Email: sven.larsen@tgs.com
Will Ashby
SVP Investor Relations, HR & Communication
Tel: +1 713 860 2184
Email: will.ashby@tgs.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)