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TGS: TGS announces Q1 revenues of USD 172 million

ASKER, NORWAY (23 April 2015) - TGS reported net revenues of USD 172 million
in Q1 2015, compared to USD 222 million in Q1 2014. Net late sales were
weaker than anticipated at USD 72 million, reflecting a deterioration in
seismic demand as energy companies significantly reduced exploration
spending. Record high cash flow from operations of USD 260 million
contributed to a cash balance of USD 352 million at the end of the quarter.

* Consolidated net revenues were USD 172 million, compared to USD 222 million
in Q1 2014.
* Net late sales totaled USD 72 million, down 48% from USD 137 million in Q1
* Net pre-funding revenues were USD 94 million, up 26% from Q1 2014, funding
58% of the Company's operational multi-client investments during Q1
(investments of USD 163 million, up 26% from Q1 2014).
* Proprietary revenues were USD 6 million, compared to USD 11 million in Q1
* Operating profit (EBIT) was USD 37 million (22% of net revenues), compared
to USD 94 million (42% of net revenues) in Q1 2014.
* Cash flow from operations was USD 260 million, compared to USD 221 million
in Q1 2014.
* Earnings per share (fully diluted) were USD 0.28, down from USD 0.66 in Q1

"Net revenues in Q1 were lower than our expectations due to weaker late sales
from the data library in all geographic regions. Demand for seismic data has
significantly deteriorated over the first three months of 2015 and the
outlook for improvement in the market remains quite uncertain. On a positive
note, cash flow in Q1 was strong and the Company has a cash balance of USD
352 million as of 31 March 2015. TGS continues to be uniquely positioned
within our industry with a strong balance sheet combined with a flexible
asset-light business model,"
TGS' CEO Robert Hobbs stated.

To access TGS Q1 2015 results information click below:

* Earnings Release
* Presentation Slides
* Webcast

Q1 2015 Conference Call

CEO Robert Hobbs and COO/Interim CFO Kristian Johansen will host a conference
call on 23 April 2015 at 15:00 CET (9:00 AM New York time). Attendees may
want to call 5-10 minutes before 15:00 CET (9:00 AM NY) to ensure
registration and access.

* Norwegian attendees are invited to call +800 56054 or +47 2316 2787
* International attendees are invited to call 0800 279 5004 or +44 (0)20 3427
* US attendees are invited to call +1 877 280 2342

Participants will need to quote the following confirmation code when dialing
into the conference: 629507.

A Q&A session will follow a short introduction, based upon the presentation
issued in the morning. To pose a question, please press *1.

A replay of the conference call will be available shortly after. To access
replay of the TGS conference call,

* Dial +47 2100 0498 (Norway) or +44 (0)20 3427 0598 (International) or +1
866 932 5017 (US)
* Replay access code 3152609 followed by # (pound-sign)

A replay of the conference call will also be available

Company summary

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

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 principal 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

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:

Kristian Johansen

COO/Interim CFO
Tel: +47 47 60 33 34

Will Ashby

Director Finance Western Hemisphere&Investor Relations
Tel: +1 713 860 2184

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)

Q1 2015 Earnings Release Presentation Slides
Q1 2015 Earnings Release


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: TGS via Globenewswire


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