TGS Sees Revenues Doubled

Geophysical contractor TGS has posted first-quarter 2018 net profit of $13 million, compared to profit of $1.5 million in the same period in 2017.

This comes down to quarterly earnings per share (fully diluted) of $0.13, against $0.02 profit per share same time last year.

The Oslo-listed firm generated revenues of $134 million in Q1 2018, up 56% compared to $86 million in Q1 2017.

“TGS’ performance in the past two quarters, driven by strong late sales across all regions, indicates that there has been an improvement in the underlying fundamentals of the global market for seismic data. The combination of higher oil price and lower cost base means that E&P companies now have more operating cash flow that can be used for growth investments. While we still expect some volatility in the near-term, our counter-cyclical strategy has positioned TGS to benefit from the improved market conditions,” said Kristian Johansen, TGS’ CEO.

Operating profit for the quarter (EBIT) was close to $25 million compared to $2 million in the prior-year comparable quarter.

TGS reported backlog was $74 million at the end of the first quarter 2018, down 38% from the corresponding period in 2017, and 9% up sequentially.

The company has kept its quarterly dividend at 20 cents per share.

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Oct 2019 >>
MTWTFSS
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

6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

More info

read more >

OCEANS 2019

OCEANS is the bi-annual event for global marine technologists, engineers, students…

read more >

OTC Brasil

The conference is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum…

read more >

Europort 2019

Europort, organised in the world port city of Rotterdam, will be the leading exhibition for special purpose vessels…

read more >