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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Volvo Penta Names Brown Commercial Marine Sales Director

Dave Brown has joined Volvo Penta of the Americas as director of commercial marine sales.   In this new position, Brown will provide strategic and administrative

Romica Manufacturer Secures DNV GL Approval

U.K. winch maker Romica said it is to “redouble its exports drive” after its Romania-based manufacturing partner successfully acquired accreditation with DNV GL.

HII Names Leonard a Corporate Director

Capt. Joseph J. Leonard (U.S. Navy, Ret.) has joined Huntington Ingalls Industries (HII) as corporate director of customer affairs, large surface combatant program, the shipbuilder announced.

Finance

Funding Approved for Georgia’s New Inland Terminal

At its July board meeting, the Georgia Ports Authority (GPA) approved a spending package of $19.7 million to construct the Appalachian Regional Port in Chatsworth, Murray County, Ga.

Baltic Index Falls on Weak Freight Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Monday due to weaker rates across all segments, except handysizes.

As Market Sours, LPG Tankers Anchor off Singapore

Record U.S. LPG exports to Asia flip market into a glut. Last year, liquefied petroleum gas (LPG) supplied to Asia was being snapped up by petrochemical makers.

Offshore Energy

Eni Cancels Vessel Deal with Viking Supply Ships

Viking Supply Ships A/S (VSS) has received an early termination notice of the contract for the Ice-class 1A AHTS “Njord Viking”. The vessel has been working for

MOL Signs Long-Term Charter with Uruguayan JV for FSRU

Japanese shipping company Mitsui O.S.K. Lines, has, through its wholly-owned subsidiary Lakler S.A., agreed to conclude a charter contract with Gas Sayago, for

Ithaca’s FPF-1 platform to be moved to Stella field

Ithaca Energy Inc. reports that the "FPF-1" floating production facility has completed the required inclination test as planned and departed the Remontowa shipyard in Gdansk, Poland.

Seismic Vessel Tech

PGS Revenue Slumps

Petroleum Geo-Services ASA reported revenue fall in their recently released Second Quarter and First Half 2016 Results. It logged a healthy MultiClient Sales and

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.1026 sec (10 req/sec)