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TGS: TGS reports Q4 2015 earnings and announces dividend of USD 0.15 per share in Q1 2016

ASKER, NORWAY (02 February 2016) - Following its update on 07 January 2016,
TGS now confirms Q4 2015 net revenues of USD 132 million and full year 2015
net revenues of USD 612 million. The Board of Directors has resolved to pay a
dividend of USD 0.15 per share in Q1 2016.


* Consolidated net revenues were USD 132 million, compared to USD 298 million
in Q4 2014.
* Net late sales totaled USD 90 million, down 60% from USD 226 million in Q4
* Net pre-funding revenues were USD 37 million, down 41% from Q4 2014,
funding 42% of the Company's operational multi-client investments during Q4
(operational investments of USD 88 million, down 30% from Q4 2014).
* Proprietary revenues were USD 5 million, compared to USD 9 million in Q4
* Operating profit (EBIT) was USD -140 million (-106% of net revenues),
compared to USD 47 million (16% of net revenues) in Q4 2014. Operating
costs in Q4 2015 include: * Impairments of USD 161 million of the
multi-client library. * Restructuring costs of USD 10 million. * Provisions
related to bad debt and other commercial activities of USD 8 million.
* Cash flow from operations was USD 99 million, compared to USD 131 million
in Q4 2014.
* Earnings per share (fully diluted) were USD -1.19, down from USD 0.31 in Q4


* Consolidated net revenues were USD 612 million, down from USD 915 million
in 2014.
* Net late sales from the multi-client library totaled USD 334 million, down
47% from USD 631 million in 2014.
* Net pre-funding revenues were USD 257 million, up 4% from 2014, funding 51%
of the Company's operational multi-client investments during 2015
(operational investments of USD 502 million, up 9% from 2014).
* Operating profit (EBIT) was USD -21 million (-3% of net revenues), compared
to USD 295 million (32% of net revenues) in 2014.
* Cash flow from operations was USD 567 million compared to USD 605 million
in 2014, a decrease of 6%.
* Earnings per share (fully diluted) were USD -0.28, down from 2.09 in 2014.


From 2016, TGS will start paying quarterly dividends in accordance with the
resolution made by the Annual General Meeting on 6 May 2015. The aim will be
to keep a stable quarterly dividend in US dollars through the year, but the
actual level paid will be subject to continuous evaluation of the underlying
development of the company and the market.

The Board of Directors of TGS has resolved to pay a dividend of USD 0.15 per
share in Q1 2016. The dividend will be paid in the form of NOK 1.30 per share
on 23 February 2016. The share will trade ex-dividend on 9 February 2016.

"Oil companies are continuing to cut E&P spending. The market for seismic data
is likely to remain weak in 2016. TGS has implemented a number of measures to
handle the downturn. In November 2015, a major restructuring of the company
was implemented and through 2015 the global workforce was reduced by
approximately 28%. Compared to last year, the run rate for cash operating
cost has been reduced by approximately USD 25 million per year. We are
continuing to work hard on identifying interesting projects that can create
long-term value for our shareholders and provide rapid growth when the market
improves," says Robert Hobbs, CEO of TGS.

"The financial guidance released on 7 January 2016 remains unchanged. That is,
we still anticipate multi-client investments of USD 220 million, of which
45-50% is expected to be prefunded by our clients."

To access TGS Q4 2015 results information click below:

* Earnings Release
* Presentation Slides
* Live Presentation

Investor Presentation and Webcast

Robert Hobbs (CEO) and Sven Børre Larsen (CFO) will present the results at
approximately 08:30 CET at the Hotel Continental, Stortingsgata 24/26 in
Oslo, Norway. The presentation is open to the public. The presentation can be
followed live on the internet atwww.tgs.com.

The slides from the presentation will also be available in PDF format on the
TGS website.

Q4 2015 Conference Call

CEO Robert Hobbs and CFO Sven Børre Larsen will host a conference call on 2
February 2016 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

* Norwegian attendees are invited to call +800 56054 or +47 2316 2729
* International attendees are invited to call 0800 279 4841 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:5345619

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 or +1 866 932 5017 (US)
* Replay access code is5345619 followed by the # (pound sign)

A replay of the conference call will also be available at www.tgs.com.

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

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)

2015 Q4 Earnings Release
2015 Q4 Presentation


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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