Geophysical contractor TGS said it expects net revenues for the fourth quarter of 2016 to be approximately USD 165 million, versus net revenues of USD 132 million in the corresponding period in 2015.
According to TGS, total estimated net revenues for 2016 should be approximately USD 456 million, based on preliminary reporting from operating units, down from USD 612 million in 2015.
As per December 31, 2016 the company’s cash balance was approximately USD 189 million.
“We are very pleased with the strong sales from our multi-client library in Q4 with TGS benefiting from year-end spending by many of our clients. This significant increase in late sales demonstrates the seasonality and ongoing volatility in seismic demand in a market where E&P spending is expected to remain under pressure into 2017,” commented Kristian Johansen, CEO, TGS.
The company will present its financial results for Q4 2016, and guidance for 2017, at the Capital Markets Day (CMD) in London, UK on February 2, 2016.