TGS Boosted by Seismic Market Recovery
Q1 revenues rose by 56 pct; shares jump 13 pct. Oslo-listed seismic data provider TGS, a key supplier to the oil industry, reported first-quarter revenues far above forecasts as markets continue to improve, it said on Tuesday, sending its share price surging. Net revenues for the January-March quarter rose by 56 percent year-on-year to $135 million, beating the average $106 million forecast by analysts, according to Thomson Reuters estimates. TGS, whose vessels scan the seabed for potential oil and gas deposits, said…
TGS to Commence Multibeam Survey Offshore Brazil
TGS announces the Brazil Southern Basins SeaSeep Project in the Campos and Santos Basins, offshore Brazil. The project will cover existing TGS surveys in these hydrocarbon rich basins as well as the highly prospective Pre Salt trend where many untested structures exist. Acquisition of the multibeam will commence late Q1 2018 with the coring and geochemistry stage to follow. Data will be available in Q4 2018 over the Round 16 licensing areas scheduled in 2019. Final results in all areas will be available in late 2019.
TGS Shares Fall after Q2 Sales Disappoint
Shares of the world's leading provider of geoscience data to oil companies TGS fell by more than 6 percent on Thursday, after disappointing sales in the second quarter. TGS reported $108 million in quarterly revenues, 6 percent below consensus, and compared with $114 million in the second-quarter a year ago. "Part of the problem was that TGS failed to sell more in Brazil, where PGS and CGG did well, or in Mexico, where it had data in the wrong place or it was simply too expensive," Iver Baatvik at ABN-AMRO bank said. The so-called late sales of seismic data were down to $79 million from $84 million a year ago.
TGS : New Multibeam project in U.S. Gulf of Mexico
TGS announces the Otos multibeam and seep study project in the U.S Gulf of Mexico. Acquisition of the multibeam survey is underway and is the first stage of a seep and geochemistry program covering the U.S Gulf of Mexico. The survey is designed to mirror the successful Gigante multibeam and seep study in the Mexican Gulf of Mexico, conducted in 2016. The new program will cover approximately 289,000 km2 and include 250 cores with advanced geochemistry analysis. TGS will continue to work with the same acquisition providers as in the Mexico program, Fugro (Multibeam) and TDI Brooks (Coring and Geochemical analysis).
TGS commences onshore seismic project in Permian Basin
TGS announces commencement of field operations on the West Kermit 3D seismic survey in the Delaware Basin. This project will encompass a minimum of 150 square miles in Loving and Winkler Counties, TX. This high resolution 3D survey is designed to assist in the evaluation and development of multiple zone potential including highly productive Wolfcamp and Bone Spring intervals. Data Acquisition is expected to begin in early Q2 2017 with final data available to clients in Q4 2017. The data will be processed by TGS utilizing its modern land imaging technology to provide clients with greater reservoir understanding.
TGS reports net revenue of USD 222 mi for Q1 2014
TGS has reported net revenues of USD 222 million for the first quarter of 2014 a rise of 5% from USD 211 million in Q1 2013.Net late sales totaled USD 137 million, up 9% from USD 127 million in Q1 2013. Net pre-funding revenues rose to USD 74 million and increase of 33% from Q1 2013 - funding 57% of the Company's operational multi-client investments during Q1 (investments of USD 129 million, up 3% from Q1 2013). Proprietary revenues were USD 11 million, compared to USD 29 million in Q1 2013. Operating profit (EBIT) was USD 94 million (42% of net revenues), compared to USD 89 million (42% of net revenues) in Q1 2013.
