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TGS Announces Q2 2020 Revenue Update

Source: www.gulfoilandgas.com 7/8/2020, Location: Europe

Based on preliminary reporting from operating units, TGS management expects net segment revenues for the second quarter of 2020 to be approximately USD 96 million. Multi-client Investments for the quarter are expected to be approximately USD 80million with a prefunding rate of 48%.

Kristian Johansen, CEO at TGS, stated, “Despite the unprecedented weak market conditions in Q2, TGS generated late sales of USD 54 million from our data library. During the quarter, TGS cost level has been reduced significantly in light of the weak market conditions. Accruals for rightsizing of the organization, closure of offices, and a few region-specific impairments of the multi-client library will be charged to our Q2 accounts. These measures, and a continued strong balance sheet,place TGS in a unique position to continue generating strong cash flow and industry leading return on capital”.

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