ASKER, NORWAY (9 January 2014) - Based on preliminary reporting from operating units, TGS management expects net revenues for the fourth quarter of 2013 to be approximately USD 270 million, bringing total estimated net revenues for 2013 to approximately USD 882 million. The company has previously guided full year revenues of USD 810 - 870 million, and the positive deviation is mainly caused by record high late sales in the fourth quarter.
Multi-client investments for the fourth quarter are expected to be approximately USD 90 million, to reach full year investments of approximately USD 437 million.
Management will give a full report of Q4 results on 6 February 2014.
Company summary
TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, permanent reservoir monitoring and data integration solutions.
For more information visit TGS online at www.tgs.com.
Forward-looking statements and contact information
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include TGS' reliance on a cyclical industry and principal customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data products at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO:TGS).
TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY".
For additional information about this press release please contact:
Kristian Johansen
Chief Financial Officer
Tel: +47 47 60 33 34
Email: kristian.johansen@tgs.com
Will Ashby
Director Investor Relations and M&A
Tel: +1 713 860 2184
Email: will.ashby@tgs.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: TGS via Globenewswire
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