TGS Expects Revenues of $113M in Q3

Geophysical contractor TGS said that, based on preliminary reports, it estimates net revenues for the third quarter of 2016 to be approximately $113 million.

This comes down to around 17% higher than the average of analyst estimates, the company said.

The Oslo-listed company added that multi-client investments for the third quarter are expected to be around $82 million.

To remind, TGS reported revenues of $169 million in Q3 2015 (89% accounted to multi-client) and generated net income of $40 million, or $0.39 per share.

In the second-quarter 2016, the company that wrapped up the acquisition of its 186,000-kilometer Gigante seismic survey in Mexico this month, recorded net profit of $16.8 million on revenues of $114.4 million.

Subsea World News Staff

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