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TGS - Q1 2016 update

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Oilfield Technology,



Based on preliminary reporting from operating units, TGS management expects net revenues for the first quarter of 2016 to be approximately US$64 million. With operational investments of approximately US$53 million and good cash collections in the quarter, the cash balance increased to around US$210 million. This is in addition to the undrawn revolving credit facility of US$75 million.

The financial guidance released on 7 January, 2016 remains unchanged:

  • TGS expects multi-client investments of approximately 220 MUSD
  • Multi-client investments are expected to be prefunded 45 to 50%
  • "This last quarter has arguably been the most severe of this down cycle with many customers focusing on cost and headcount reduction resulting in a significant pull back from exploration spending. TGS will continue our strong focus on cost control, cash flow and maintaining a healthy balance sheet in this challenging market", commented Kristian Johansen, CEO, TGS.

    The full first quarter earnings release is scheduled for 21 April 2016.


    Adapted from a press release by Louise Mulhall

    Read the article online at: https://www.oilfieldtechnology.com/product-news/08042016/tgs-q1-2016-update/

     

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