TGS: Initiates a USD 20 Million Share Repurchase Program
TGS-NOPEC Geophysical Company ASA (“TGS” or the “Company”) today announced that reflective of the Company’s strong financial and liquidity position and cash flow outlook, the Board of Directors has authorized a share repurchase program of up to USD 20 million. The share repurchase program will be in place until the …
TGS Acquiring Spectrum to Cement its Position as a Leading Provider of Multi-Client Seismic Data
TGS-NOPEC Geophysical Company ASA announced today that it has agreed on the principle terms for the acquisition of Spectrum ASA, creating a leading provider of 2D and 3D seismic data. The transaction is expected to be completed as a statutory merger pursuant to Norwegian corporate law between TGS and Spectrum, …
TGS: To Lay Off 130 Staff and Reduce the Cost of Some of their Multi Client Surveys
In order to further improve organizational efficiency and competitiveness TGS is implementing global cost reduction and efficiency plan. Furthermore, the value of selected MC surveys will be written down to reflect more cautious market assumptions. As advised in the 3Q report, TGS has in view of the weak market conditions …
TGS Completes Acquisition of Polarcus’ Library
Reference is made to the stock exchange release on 29 June 2015 regarding the acquisition of Polarcus’ multi-client library. As of today, the parties have completed the main component of the transaction. The closing of the remaining projects in West Africa is expected within Q3 2015, subject to the relevant …
TGS: Commences Cost Reduction Program – 10% of Workforce to Go
TGS announced a Cost Reduction Program reflecting the deterioration of the market for seismic data seen in the first quarter of 2015. Based on preliminary reporting from operating units, TGS management now expects net revenues for the first quarter of 2015 to be approximately USD 172 million, about 23% lower …
TGS: Record Fourth Quarter Helps to Achieve Annual Guidance
Following its update on 13 January, TGS now confirms net revenues of USD 298 million in Q4 2014, up 10% from USD 271 million in Q4 2013 and representing a record high for the Company. TGS achieved its 2014 guided revenues with full year net revenues of USD 915 million, …
TGS and EMGS Expand Coverage of 3D Electromagnetic Data over the Barents Sea
TGS and Electromagnetic Geoservices ASA (EMGS) have agreed to further expand the Companies’ previous cooperation agreement in the Barents Sea. TGS will partner with EMGS to acquire electromagnetic (EM) data over approximately ten new blocks in the Nordkapp and Tiddly areas. The new 3D EM data will be acquired by …
TGS NOPEC: Announces Q3 Revenues of USD 190 million
TGS reports net revenues of USD 190 million in Q3 2014, compared to USD 191 million in Q3 2013. Earnings before interest and taxes (EBIT) totaled USD 71 million, corresponding to an EBIT margin of 38%. Cash flow from operations was USD 184 million, an increase of 57% from Q3 last …
TGS Signs Letter of Intent for 3D Vessel With CCGVeritas
TGS announces that it has signed a Letter of Intent with CGGVeritas Services S.A. to charter a 12 streamer vessel, for 3D multi-client projects in Europe during the 2013 summer season. The charter will begin in April and last for approximately six months. The details of the individual projects to be completed under this charter will be announced separately
TGS Signs Additional Letter of Intent for 3D Vessel
TGS announces that it has signed a Letter of Intent with Polarcus to charter the 12 streamer new build vessel, M/V Polarcus Amani, for 3D multi-client projects in Europe during the 2012 summer season. The charter will begin in mid-April and last for approximately five months. The details of the …