TGS-NOPEC Geophysical Company ASA

10/08/2019 | Press release | Distributed by Public on 10/07/2019 23:33

Q3 19 Revenue Update

ASKER, NORWAY (8 October 2019) Based on preliminary reporting from operating units, TGS management expects net segment revenues* for the third quarter of 2019 to be approximately USD 277 million.

Kristian Johansen, CEO of TGS, stated: 'We had already announced that pro-forma revenues for Q3 2019 were expected to be in excess of MUSD 250. We are now extremely pleased to be able to deliver our best Q3 sales performance ever, and the second-best quarter in TGS history, with pro-forma net revenues coming in above both our own internal expectations and the average analyst estimate of USD 263 million.'

*Based on segment reporting with revenues from projects in progress recognized according to percentage of completion, as opposed to the IFRS reporting where revenues as a main rule are not recognized until the project has been delivered to the customer(s).

Forward-looking statements and contact information

All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include TGS' reliance on a cyclical industry and principle customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data products at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO: TGS).

TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol 'TGSGY'.

For additional information about this press release please contact:

Dean Zuzic, Chief Financial Officer, Tel: +47 41 43 35 60

Email: [email protected]