Geo-Science Provider TGS Reports Strong Half 2014 Results

By George Backwell
Friday, August 01, 2014
Seismic survey vessel wake: File image

TGS reports net revenues of USD 205 million in Q2 2014, compared to USD 210 million in Q2 2013. Earnings before interest and taxes (EBIT) totaled USD 82 million, corresponding to an EBIT margin of 40%. The Company's net pre-funding revenues were USD 60 million, up 39% from Q2 2013.  Backlog of USD 224 million remains near an all-time high level.


"Despite restricted near-term exploration spending as well as the delayed announcement of the blocks for the Norwegian 23rd licensing round, TGS continues to deliver strong results.   Both sales from the existing data library and customer commitments for new projects were strong and our backlog remains near an all-time high level. TGS continues to be well positioned to deliver the data needed by the industry to identify new reserves.  TGS has a strong commitment to deliver shareholder returns through a combination of growth, dividends and share buy-backs," commented TGS' CEO Robert Hobbs.
 
Second Quarter Highlights

  • Consolidated net revenues were USD 205 million, compared to USD 210 million in Q2 2013.
  • Net late sales totaled USD 137 million, down 12% from USD 155 million in Q2 2013.
  • Net pre-funding revenues were USD 60 million, up 39% from Q2 2013, funding 52% of the Company's operational multi-client investments during Q2 (investments of USD 114 million, up 4% from Q2 2013).
  • Proprietary revenues were USD 8 million, compared to USD 12 million in Q2 2013.
  • Operating profit (EBIT) was USD 82 million (40% of net revenues), compared to USD 98 million (47% of net revenues) in Q2 2013.
  • Cash flow from operations was USD 66 million, compared to USD 34 million in Q2 2013. In Q2 2013, the Company made an extraordinary tax payment of USD 58 million.
  • Earnings per share (fully diluted) were USD 0.59, down from USD 0.66 in Q2 2013.

First Half Financial Hightlights

  • Consolidated net revenues were USD 427 million, up from USD 421 million in 2013.
  • Net late sales from the multi-client library totaled USD 274 million, down 3% from USD 282 million in H1 2013.
  • Net pre-funding revenues were USD 60 million, up 39% from Q2 2013, funding 52% of the Company's operational multi-client investments during Q2 (investments of USD 114 million, up 4% from Q2 2013).
  • Proprietary revenues were USD 19 million, compared to USD 41 million in 2013.
  • Operating profit (EBIT) was USD 176 million (41% of net revenues), compared to USD 187 million (44% of net revenues) in 2013.
  • Cash flow from operations was USD 289 million compared to USD 212 million in 2013, an increase of 36%.
  • Earnings per share (fully diluted) were USD 1.25, compared to USD 1.24 in 2013.

More information at: www.tgs.com
 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Boeing, Liquid Robotics Enter Maritime Surveillance Partnership

Boeing and Liquid Robotics signed a global, multiyear teaming agreement for collaboration on product development, maritime services and operational deployments.

Rosneft, ExxonMobil Continue Drilling for Now

Russia's Rosneft and U.S. ExxonMobil are continuing to drill in the Kara Sea and plan to stop work by Oct. 10, Russian Deputy Energy Minister Kirill Molodtsov said on Tuesday.

Aftermath of Scotland Independence Referendum: Platten Speculates

After the referendum debate on Scottish independence Guy Platten, Chief Executive Officer of the UK Chamber of Shipping has called for the divisions created by the campaign to be healed.

Finance

Insights: New York Canal Director Brian Stratton

Brian U. Stratton was appointed Director of the New York State Canal Corporation in April 2011, to oversee the operation and development of New York’s 524-mile Canal System,

Iraq's Southern Exports Unaffected by Conflict

Southern exports average almost 2.60 million bpd; Exports close to record rate seen in May. Lack of Kirkuk northern exports limits overall supply. Iraq's oil

Impact of CITGO Oil Refineries Sale: Analysis

A sale of Venezuelan state oil company PDVSA’s Citgo refining assets could dramatically change crude oil flows: Poten & Partners consider the outcomes in their latest 'Tanker Opinion'.

Offshore Energy

Rosneft, ExxonMobil Continue Drilling for Now

Russia's Rosneft and U.S. ExxonMobil are continuing to drill in the Kara Sea and plan to stop work by Oct. 10, Russian Deputy Energy Minister Kirill Molodtsov said on Tuesday.

Transocean's Chairman Designate 2015 Named

Transocean Ltd. informs that at its recent Extraordinary General Meeting Merrill A. "Pete" Miller, Jr. was nominated as a director and the Board intends to designate him as vice-chairman,

Chariot Oil & Gas 1H 2014 Interim Results

Chariot Oil & Gas Announce Interim Results for 1H 2014 Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, today announces

Seismic Vessel Tech

Chariot Oil & Gas 1H 2014 Interim Results

Chariot Oil & Gas Announce Interim Results for 1H 2014 Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, today announces

Biofouling Foiled: UV Light Harnessed for Biofouling Control

Since the first deployment of in-situ monitoring instrumentation, biofouling has been a problem. Without an effective solution, people have historically had to

EMGS - New Contract in the Norwegian Sea

Electromagnetic Geoservices ASA (EMGS) announced an agreement from Statoil Petroleum AS for the Norwegian Sea. EMGS has now received a new contract from another oil and gas company worth USD 1.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2528 sec (4 req/sec)