TGS: Q2-17 Results

 

 

 

 

TGS reported net revenues of USD 108 million in Q2 2017, slightly below Q2 2016 but up 25% from Q1 2017. Strong cash flow from operations of USD 59 million was a significant improvement from USD 9 million in Q2 2016. Quarterly dividend will be maintained at USD 0.15 per share.

 

 

2nd Quarter Highlights

  • Consolidated net revenues were USD 108 million, slightly below USD 114 million in Q2 2016
  • Net late sales totaled USD 79 million, compared to USD 84 million in Q2 2016
  • Net pre-funding revenues were USD 27 million (an increase of 3% from Q2 2016), funding 46% of TGS’ operational multi-client investments for the quarter
  • Operational multi-client investments were USD 59 million in addition to USD 2 million from risk sharing arrangements
  • Operating profit (EBIT) was USD 18 million (17% of net revenues), compared to USD 22 million (19% of net revenues) in Q2 2016
  • Cash flow from operations was USD 53 million, a significant improvement from USD 9 million in Q2 2016
  • Free cash flow (after multi-client investments) was USD 12 million, compared to negative free cash flow of USD -35 million in Q2 2016
  • Cash balance at 30 June 2017 was USD 239 million in addition to the undrawn USD 75 million Revolving Credit Facility
  • Earnings per share (fully diluted) were USD 0.09, compared to USD 0.17 in Q2 2016
  • Quarterly dividend maintained at USD 0.15 per share
  • Financial guidance unchanged from 23 May 2017
    • New multi-client investments* of approximately USD 260 million
    • Additional multi-client investments expected from sales of existing surveys with risk sharing arrangements
    • Pre-funding of new multi-client investments* expected to be approximately 40-45%

     *New multi-client investments excluding investments related to surveys with risk sharing arrangements

Following the authorization from the Annual General Meeting on 9 May 2017, the Board of TGS NOPEC Geophysical Company ASA has resolved to distribute a quarterly dividend of the NOK equivalent of USD 0.15 per share (NOK 1.19 per share).

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Quarterly Dividend

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