TGS Returns to Profit

Business & Finance

Geophysical contractor TGS has posted fourth-quarter 2016 net profit of $24 million, compared to net loss of $121.5 million in the same period in 2015.

This comes down to quarterly earnings per share (fully diluted) of $0.23, against $1.19 loss per share same time last year.

For the full year 2016, TGS recognized profit of some $22 million, or $0,22 per share, versus loss of $28 million for the year 2015.

The Oslo-listed firm generated revenues of $165 million in Q4 2016, compared to $132 million in Q4 2015. Full-year revenues came at $456 million, down from $612 million in 2015.

Operating profit for the quarter (EBIT) was $42 million compared to negative $140 million in Q4 2015.

TGS reported backlog was $51.2 million at the end of Q4 2016, down 65 percent from Q4 2015 and 28 per cent sequentially.

The company has maintained its quarterly dividend at $0.15 per share.

“TGS delivered a strong Q4 2016, beating both company forecasts and market expectations. Going into 2017 we are well positioned with an efficient cost base, strong balance sheet and flexible business model. Our employees are actively developing new business opportunities during this down-cycle as we continue to enhance our status as the world’s leading multi-client geophysical
company,” TGS’ CEO Kristian Johansen, said.

Subsea World News Staff