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Wednesday, 07 January, 2009, 18:20 GMT | more >>

TGS shrugs off 12% profits dip



By Upstream staff 

Norwegian seismic surveyor TGS-Nopec saw its pretax profits for the third quarter drop 12%, in line with forecasts, but said the outlook for its markets remains "very strong".

Pretax earnings fell to $50 million in July-September from $57 million in the same quarter last year.

The result matched the average expectation in a Reuters survey of eight analysts whose estimates ranged from $37 million to $59 million.

"As evidenced by our backlog growth both in the multi-client and contract sectors, the outlook for the seismic market continues to be very strong," TGS-Nopec said in a statement.

At the end of July, TGS announced it would acquire rival Wavefield Inseis in an all-share deal to boost its fleet and create a stronger new player in the oilfield services sector.

TGS-Nopec said it expected consolidated fourth-quarter revenues, including Wavefield, of between $190 million and $210 million.

Analysts' third-quarter forecasts include Wavefield figures for the last 10 days of the quarter.


Thursday, 25 October, 2007, 08:41 GMT  | last updated: Thursday, 25 October, 2007, 08:41 GMT

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