TGS announces Q2 2019 results
ASKER, NORWAY (25 July 2019) – TGS today reported net revenues* of USD 166 million for Q2 2019, a growth of 5% compared to USD 158 million in Q2 2018, despite a decrease in revenues from transfer fees. The strong performance was mainly driven by improved sales momentum in Latin America and North America.
TGS’s cash balance remained strong, at USD 354 million at the end of the quarter, supporting a quarterly dividend of USD 0.27 (NOK 2.34) per share, up 35% from Q2 2018. In addition, TGS initiated a share repurchase program during the quarter. Up to USD 50 million worth of shares will be purchased by the time of the AGM in Q2 2020. A total of USD 16 million was spent in Q2 2019.
The acquisition of Spectrum, announced on 2 May 2019, is moving ahead as planned. The transaction is conducted as a statutory merger pursuant to Norwegian corporate law and it was approved at the extraordinary general meetings of both companies on 21 June 2019. Moreover, all reviews by the relevant competition authorities have been completed and the transaction is on-track for closing in mid-August.
Kristian Johansen, CEO of TGS, stated: “TGS delivered solid sales in Q2 2019 despite high oil price volatility during the quarter. I’m particularly pleased with the strong performance in the Latin America region, where we are starting to see the results of the investments made over the past couple of years. With the acquisition of Spectrum, TGS is well positioned to continue to benefit from improving market conditions. Additionally, our customers will now have access to the industry’s most comprehensive library of modern multi-client data, covering all the important mature and frontier basins worldwide.”
Kristian Johansen and Sven Børre Larsen, CFO, will present the results on 25 July 2019 at 09:00 CEST at the Felix Conference Center, Aker Brygge, Oslo, Norway. The presentation is open to the public and can be followed live on the internet at www.tgs.com.
* Based on Segment reporting, where sales committed prior to completion of the project are recognized on a Percentage of Completion basis. Please refer to the full Q2 2019 report for statements prepared according to IFRS.
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, 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 principle 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:
Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Email: [email protected]
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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