Norway: TGS Announces 10 Pct Increase in Revenues

TGS reports net revenues of USD 211 million in Q1 2013, compared to USD 191 million in Q1 2012, a 10% increase. The Company’s operational multi-client investments were USD 126 million, up 24% from Q1 2012. TGS’ net late sales totaled USD 127 million, up 12% from Q1 2012.

1st QUARTER HIGHLIGHTS:

– Consolidated net revenues were USD 211 million, an increase of 10% compared to Q1 2012.

– Net late sales totaled USD 127 million, up 12% from Q1 2012.

– Net pre-funding revenues were USD 56 million, down 25% from Q1 2012, funding 44% of the Company’s operational multi-client investments during Q1 (investments of USD 126 million, up 24% from Q1 2012).

– Proprietary revenues were USD 29 million, compared to USD 4 million in Q1 2012.

– Operating profit (EBIT) was USD 89 million (42% of net revenues), compared to USD 89 million (46% of net revenues) in Q1 2012.

– Cash flow from operations was USD 179 million, up from USD 147 million in Q1 2012.

– Earnings per share (fully diluted) were USD 0.58, compared to USD 0.61 in Q1 2012.

“We are pleased to report record late sales for a first quarter period confirming the value of our high quality data library. These results put us on track with our 2013 plan,” TGS’ CEO Robert Hobbs stated.

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Press Release, April 25, 2013