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TGS: TGS - Q1 2016 Update

Q1 2016 Update

ASKER (8 April, 2016) - Based on preliminary reporting from operating units,
TGS management expects net revenues for the first quarter of 2016 to be
approximately USD 64 million.

With operational investments of approximately USD 53 million and good cash
collections in the quarter, the cash balance increased to around USD 210
million. This is in addition to the undrawn revolving credit facility of USD
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.

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

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 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

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

Will Ashby

VP HR&Communications
Tel: +1 713 860 2184 begin_of_the_skype_highlighting

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


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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