Norway: TGS Reports Increase in Third Quarter Revenues

TGS reports net revenues of USD 160 million in Q3 2011, compared to USD 130 million in Q3 2010, a 23% increase. Investments were USD 111 million, up 77%. These investments were a record for the Company in a single quarter and resulted in a record high number of vessels utilized in a quarter. Net prefunding revenues were USD 54 million, up 124% from Q3 2010 resulting in a pre-funding ratio of 49%.

3rd QUARTER HIGHLIGHTS

*Consolidated net revenues were USD 160 million, an increase of 23% compared to Q3 2010.

*Net late sales totaled USD 91 million, down 10% from Q3 2010.

*Net pre-funding revenues were USD 54 million, up 124% from Q3 2010, funding 49% of the Company’s operational multi-client investments during Q3 (investments of USD 111 million, up 77% from Q3 2010).

*Proprietary revenues were USD 15 million, up 160% from Q3 2010.

*Operating profit (EBIT) was USD 61 million (38% of net revenues), compared to USD 54 million (41% of net revenues) in Q3 2010.

*Cash flow from operations was USD 66 million, compared to USD 109 million in Q3 2010.

*Earnings per share (fully diluted) were USD 0.41, an increase of 12% from Q3 2010.

9 MONTHS FINANCIAL HIGHLIGHTS

*Consolidated net revenues were USD 428 million, an increase of 9% compared to the same period in 2010.

*Net late sales from the multi-client library totaled USD 273 million, up 15% from USD 238 million in 2010.

*Net pre-funding revenues were USD 117 million, down 14% from 2010, funding 54% of the Company’s operational multi-client investments during the first 9 months of 2011 (investments of USD 216 million, down 16% from 2010).

*Proprietary revenues were USD 37 million, up 134% from 2010.

*Operating profit (EBIT) was USD 178 million (42% of net revenues), compared to USD 146 million (37% of net revenues) in 2010.

*Cash flow from operations was USD 297 million, an increase of 3% from USD 290 million in 2010.

*Earnings per share (fully diluted) were USD 1.22 compared to USD 0.95 for the same period in 2010.

“In line with our plans, our investments for the quarter were at an all-time high at USD 111 million,” TGS’ CEO Robert Hobbs stated. “We are also pleased to report that revenue growth was seen across all of our business segments as compared to the same period last year. Revenue growth of 23% compared to the same quarter last year puts us on schedule to achieve our annual targets.”

TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data and services to oil and gas Exploration and Production companies around the globe. TGS’ geophysical and geological data products include multi-client seismic libraries, permanent reservoir monitoring, magnetic and gravity data, the industry’s largest global database of digital well logs and regional interpretive products. TGS also provides high-end depth imaging services to help resolve complex seismic imaging problems.

[mappress]
Source: TGS, November 03, 2011;