Record Quarterly Revenues for TGS (Norway)

Norwegian seismic survey specialist TGS yesterday, November 1, reported record net revenues of USD 245 million in Q3 2012. This is a a 53% increase compared to USD 136 million in Q1 2011.

This is the highest quarterly revenue figure in the Company’s history. Net late sales totaled USD 139 million, up 53% from Q3 2011. TGS’ operating profit (EBIT) was USD 101.3 million (41% of net revenues), compared to USD 61.0 million (38% of net revenues) in Q3 2011.

TGS’ CEO Robert Hobbs said: “Our customers are continuing to show strong interest in funding new surveys, and our existing library continues to perform well. TGS’ revised revenue guidance reflects a strong seismic market providing good opportunities for profitable growth.”

[mappress]
November 2, 2012