“Despite the unprecedented weak market conditions in Q2, TGS generated improved cash flow from operations compared to Q2 2019. During the quarter, TGS’ cost level has been reduced significantly in light of the weak market conditions. Lower cost and a continued strong balance sheet, place TGS in a unique position to continue generating strong cash flow and industry-leading return on capital,” says
Net segment revenues* for the second quarter came in at
A pre-recorded presentation of the Q2 2020 results by CEO
CEO
Telephone conference dial-in details:
United Kingdom: +44 3333009034
USA: +1 8335268347
* Figures based on Segment reporting, where sales committed prior to completion of the project are recognized on a Percentage of Completion basis. Please refer to the full Q2 2020 report for statements prepared according to IFRS.
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 www.tgs.com or contact:
Tel.: +47 995 89 882
E-mail: investor@tgs.com
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 several 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 product at costs commensurate with profitability, as well as volatile market conditions, which have been exacerbated by the COVID-19 pandemic and the severe drop in oil prices. 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.
Attachments
- TGS-Q2-2020_Earnings-Release
- TGS-Q2-2020_presentation
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