TGS Ups Profit

Geophysical contractor TGS has posted fourth-quarter 2017 net profit of $55 million, compared to profit of $29 million in the same period in 2016.

This comes down to quarterly earnings per share (fully diluted) of $0.53, against $0.29 profit per share same time last year.

The Oslo-listed firm generated revenues of $157 million in Q4 2017, compared to $165 million in Q4 2016. Full year 2017 net revenues were $492 million, up 8% from $456 million in 2016.

Operating profit for the quarter (EBIT) was $52 million compared to $42 million in the prior-year comparable quarter.

TGS reported backlog was $82 million at the end of the fourth quarter 2017, up 60 percent from the corresponding period in 2016, and 60 percent up sequentially.

Full-year earnings per share (fully diluted) were 73 cents, up from 28 cents in 2016.

Quarterly dividend increased to 20 cents per share.

Subsea World News Staff