TGS: Highest Quarterly Revenue in Company’s History (Norway)

TGS reports net revenues of USD 191 million in Q1 2012, compared to USD 132 million in Q1 2011, a 45% increase. This is the highest quarterly revenue figure in the Company’s history.

Investments were USD 101 million, up 132%. TGS’ backlog amounted to USD 242 million at the end of Q1 2012, representing the highest backlog figure in the history of the Company.

1st QUARTER HIGHLIGHTS

– Consolidated net revenues were USD 191.3 million, an increase of 45% compared to Q1 2011.

– Net late sales totaled USD 112.9 million, up 33% from Q1 2011.

– Net pre-funding revenues were USD 74.6 million, up 103% from Q1 2011, funding 74% of the Company’s operational multi-client investments during Q1 (investments of USD 101.2 million, up 132% from Q1 2011).

– Proprietary revenues were USD 3.8 million, compared to USD 10.5 million in Q1 2011.

– Operating profit (EBIT) was USD 88.9 million (46% of net revenues), compared to USD 59.0 million (45% of net revenues) in Q1 2011.

– Cash flow from operations was USD 146.8 million, compared to USD 138.2 million in Q1 2011.

– Earnings per share (fully diluted) were USD 0.61, an increase of 52% from Q1 2011.

– TGS’ backlog amounted to USD 241.7 million at the end of Q1, representing the highest backlog figure in the history of the Company.

“Our strong results in Q1 2012 have further confirmed our positive view on the long term fundamentals for the industry. We are pleased to report our highest quarterly revenues in history and a promising start of a new year. The attractive pipeline of opportunities that we see developing along with the strong performance in Q1, allow us to increase our investment and revenue expectations for the year,” TGS’ CEO Robert Hobbs stated.

[mappress]
Subsea World News Staff , May 03, 2012;  Image: TGS

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