TGS Estimates Q4 Revenues Boost

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.

Share this article

Follow Subsea World News

Events>

<< Oct 2017 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Deepwater Operations Conference & Exhibition

The Deepwater Operations Conference and Exhibition provides a unique experience for attendees and exhibitors to share…

read more >

24th Annual Africa Oil Week 2017

The Conference portraying five days of senior-level executive insights, with rich-content on corporate strategies and portfolio, exposure…

read more >

OTC Brasil 2017

OTC Brasil is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum, Gas and Biofuels Institute (IBP)…

read more >

Rio Pipeline 2017

Rio Pipeline Conference & Exhibition has changed its branding design, to unify the whole pipeline community, in an even more complete event…

read more >