TGS demonstrates counter-cyclical strategy as it increases 2017 Investment Guidance
ASKER, Norway, May 23, 2017 (GLOBE NEWSWIRE) -- TGS demonstrates counter-cyclical strategy as it increases 2017 Investment Guidance to approximately USD 260 million. TGS has successfully secured prefunding commitments from clients to support additional multi-client investments in 2017. The new investment guidance represents an increase of approximately 20% over 2016 multi-client investments.
"I am delighted to announce this increase to TGS' 2017 investment guidance. Through our counter-cyclical strategy we are adding a record-high amount of 3D data to our multi-client library at attractive unit costs. This will position TGS to enhance its status as the world's leading multi-client geophysical company," commented Kristian Johansen, CEO of TGS.
TGS provides the following increased guidance for 2017:
- New multi-client investments* of approximately USD 260 million
- Additional multi-client investments expected from sales of existing surveys with risk sharing arrangements
- Prefunding of new multi-client investments* expected to be approximately 40-45%
*New multi-client investments excluding investments related to surveys with risk sharing arrangements
TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration solutions.
For more information visit TGS online at www.tgs.com .
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:
Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
VP HR & Communication
Tel: +1 713 860 2184
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