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TGS Q2 2020 Revenue Update Oslo Stock Exchange: TGS

 


ASKER, NORWAY(July 8, 2020) – Based on preliminary reports from the business units, TGS management expects segment net revenues for the second quarter of 2020 to be approximately $ 96 million. Multi-client investments for the quarter are expected to be approximately $ 80 million with a 48% pre-financing rate.

Kristian Johansen, CEO of TGS, said: “ Despite unprecedented market conditions in Q2, TGS generated late sales of US $ 54 million from our data library and during the quarter the level of TGS cost has been significantly reduced given the weak market conditions. The provisions for the resizing of the organization, the closure of the offices and some alterations specific to the region of the multi-client library will be invoiced to our Q2 accounts. These measures, and an ongoing strong balance sheet, place TGS in a unique position to continue to generate strong cash flow and leading returns on capital. “

For more information, visit TGS.com (http://www.tgs.com) or contact:

Fredrik Amundsen
Financial director
+47 99 58 98 82
[email protected]

About TGS
TGS provides multi-client geoscience data to oil and gas exploration and production companies around the world. In addition to the vast global libraries of geophysical and geological data which include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers processing and imagery services advanced, interpretation products and data integration solutions.

Forward-looking statement
All statements in this press release other than statements of historical facts are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions which are difficult to predict, and are based on assumptions regarding future events which may not prove to be accurate. . These factors include TGS ‘dependence on a cyclical industry and its key customers, TGS’ ability to continue to expand data licensing markets, and TGS’s ability to acquire and process data products at costs proportional to profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS assumes no responsibility or obligation to update or modify any forward-looking statements for any reason.

For more information, visit TGS.com.

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