TGS Announces Record Revenues of 281 MUSD and a Proposed Dividend of NOK 8 per Share
ASKER, NORWAY (7 February 2013) - TGS reports net revenues of USD 281.4 million
in Q4 2012, compared to USD 180.9 million in Q4 2011, a 56% increase.Â The
Company's operational multi-client investments were USD 95.3 million, up 56%
from Q4 2011.Â TGS' net late sales totaled USD 203.7 million, up 29% from Q4
At the meeting held on 6 February 2013, the TGS Board of Directors decided to
propose a dividend of NOK 8 per share to the shareholders at the June 2013
Annual General Meeting.
4th QUARTER HIGHLIGHTS
* Consolidated net revenues were USD 281.4 million, an increase of 56%
compared to Q4 2011.
* Net late sales totaled USD 203.7 million, up 39% from Q4 2011.
* Net pre-funding revenues were USD 65.0 million, up 115% from Q4 2011,
funding 68% of the Company's operational multi-client investments during Q4
(investments of USD 95.3 million, up 56% from Q4 2011).
* Proprietary revenues were USD 12.7 million, compared to USD 4.5 million in
* Operating profit (EBIT) was USD 117.9 million (42% of net revenues),
compared to USD 62.7 million (35% of net revenues) in Q4 2011.
* Cash flow from operations was USD 243.4 million, up from USD 189.4 million
in Q4 2011.
* Earnings per share (fully diluted) were USD 0.81, compared to USD 0.43 in Q4
Â FULL YEAR 2012 FINANCIAL HIGHLIGHTS
* Consolidated net revenues were USD 932.2 million, an increase of 53%
compared to 2011.
* Net late sales from the multi-client library totaled USD 563.8 million, up
34% from USD 419.5 million in 2011.
* Net pre-funding revenues were USD 338.2 million, up 129% from 2011, funding
68% of the Company's operational multi-client investments during 2012
(investments of USD 496.2 million, up 79% from 2011).
* Proprietary revenues were USD 30.3 million, compared to 41.7 million in
* Operating profit (EBIT) was USD 402.3 million (43% of net revenues),
compared to USD 240.4 million (40% of net revenues) in 2011.
* Cash flow from operations was USD 663.4 million, an increase of 36% from USD
486.7 million in 2011.
* Earnings per share (fully diluted) were USD 2.76 compared to USD 1.65 for
the same period in 2011.
"As announced at our 2013 guidance release on 8 January 2013, Q4 2012 was
another record breaking quarter for TGS.Â We are particularly pleased to see
that our existing library continues to perform well with late sales up 39% from
Q4 2011," TGS' CEO Robert Hobbs stated. "Our pipeline of new investment
opportunities continues to be strong in both traditional as well as new multi-
client markets for TGS. The 2013 guidance therefore reflects a strong seismic
market providing good opportunities for profitable growth."
To access TGS Q4 2012 results information click below:
* Earnings Release
* Presentation Slides
* Live Presentation
Investor Presentation and Webcast
CEO Robert Hobbs and CFO Kristian Johansen will present the results at 08:30 CET
on 7 February at Shippingklubben located at Haakon VII's gt 1 in Oslo, Norway.
The presentation is open to the public and can also be followed live on the
internet at www.tgs.com.
The slides from the presentation will also be available in PDF format at both
the TGS and Oslo Stock Exchange websites.
Q4 2012 Conference Call
CEO Robert Hobbs and CFO Kristian Johansen will host a conference call on 7
February 2013 at 15:00 CET (9:00 AM New York time).Â Â Attendees may want to call
5-10 minutes before 15:00 CET (9:00 AM NY) to ensure registration and access.
* Norwegian attendees are invited to call 800 56054 or +47 2350 0486
* International attendees are invited to call 0800 279 4992Â or
+44(0)20 3427 1900
* US attendees are invited to call +1 877 280 1254
Participants will need to quote the following confirmation code when dialing
into the conference: 9966648.
A Q&A session will follow a short introduction, based upon the presentation
issued in the morning. To pose a question, please press *1.
A replay of the conference call will be available shortly after. To access
replay of the TGS conference call,
* dial +47 2100 0498 (Norway) or +44 (0)20 3427 0598 (International) or
+1 866 932 5017Â (US)
* replay access code 9966648 followed by # (pound-sign)
A replay of the conference call will also be available at www.tgs.com.
TGS-NOPECÂ Geophysical Company (TGS) provides multi-client geoscience data to oil
and gas Exploration and Production companies worldwide.Â 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
For more information visitÂ 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
For additional information about this press release please contact:
Chief Financial Officer
Cell: +47 47 60 33 34
Director Investor Relations and M&A
Tel: +1 713 860 2184
This information is subject of the disclosure requirements acc. to Â§5-12 vphl
(Norwegian Securities Trading Act)
2012 Q4 Earnings Release Report:
2012 Q4 Earnings Release Slides:
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Source: TGS via Thomson Reuters ONE