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TGS announces Q2 2014 revenues of USD 205 million

August 4, 2014



ENP Newswire - 04 August 2014

Release date- 31072014 - ASKER, NORWAY - TGS reports net revenues of USD 205 million in Q2 2014, compared to USD 210 million in Q2 2013.

Earnings before interest and taxes (EBIT) totaled USD 82 million, corresponding to an EBIT margin of 40%. The Company's net pre-funding revenues were USD 60 million, up 39% from Q2 2013. Backlog of USD 224 million remains near an all-time high level.

2nd QUARTER HIGHLIGHTS

Consolidated net revenues were USD 205 million, compared to USD 210 million in Q2 2013.

Net late sales totaled USD 137 million, down 12% from USD 155 million in Q2 2013.

Net pre-funding revenues were USD 60 million, up 39% from Q2 2013, funding 52% of the Company's operational multi-client investments during Q2 (investments of USD 114 million, up 4% from Q2 2013).

Proprietary revenues were USD 8 million, compared to USD 12 million in Q2 2013.

Operating profit (EBIT) was USD 82 million (40% of net revenues), compared to USD 98 million (47% of net revenues) in Q2 2013.

Cash flow from operations was USD 66 million, compared to USD 34 million in Q2 2013. In Q2 2013, the Company made an extraordinary tax payment of USD 58 million.

Earnings per share (fully diluted) were USD 0.59, down from USD 0.66 in Q2 2013.

6 MONTHS FINANCIAL HIGHLIGHTS

Consolidated net revenues were USD 427 million, up from USD 421 million in 2013.

Net late sales from the multi-client library totaled USD 274 million, down 3% from USD 282 million in H1 2013.

Net pre-funding revenues were USD 134 million, up 36% from 2013, funding 55% of the Company's operational multi-client investments during H1 (investments of USD 244 million, up 3% from 2013).

Proprietary revenues were USD 19 million, compared to USD 41 million in 2013.

Operating profit (EBIT) was USD 176 million (41% of net revenues), compared to USD 187 million (44% of net revenues) in 2013.

Cash flow from operations was USD 289 million compared to USD 212 million in 2013, an increase of 36%.

Earnings per share (fully diluted) were USD 1.25, compared to USD 1.24 in 2013.

'Despite restricted near-term exploration spending as well as the delayed announcement of the blocks for the Norwegian 23rd licensing round, TGS continues to deliver strong results. Both sales from the existing data library and customer commitments for new projects were strong and our backlog remains near an all-time high level.

TGS continues to be well positioned to deliver the data needed by the industry to identify new reserves. TGS has a strong commitment to deliver shareholder returns through a combination of growth, dividends and share buy-backs' TGS' CEO Robert Hobbs stated.

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.

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 product 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.

Contact:

Kristian Johansen

Tel: +47 47 60 33 34

Email: kristian.johansen@tgs.com

Will Ashby

Tel: +1 713 860 2184

Email: will.ashby@tgs.com


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Source: ENP Newswire


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