ASKER, NORWAY (8 July 2019) Based on preliminary reporting from operating units, TGS management expects net segment revenues* for the second quarter of 2019 to be approximately USD 168 million.
"We are pleased with the sales performance in Q2 19, with net revenues coming in above both our own internal expectations and the average analyst estimate of USD 155 million," stated Kristian Johansen, CEO of TGS. "I'm also pleased to inform that all reviews by the competition authorities in relation to the Spectrum acquisition have been completed and we are on track to close the transaction in mid-August."
*Based on segment reporting with revenues from projects in progress recognized according to percentage of completion, as opposed to the IFRS reporting, where revenues as a main rule are not recognized until the project has been delivered to the customer(s).
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".
For additional information about this press release please contact:
Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Email: investor@tgs.com
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
