TGS in profits leap

In demand: 3D seismic

DOLPHIN GROUP

related stories

Steve Marshall

 07 February 2013 09:54 GMT

Oslo-listed seismic contractor TGS almost doubled its profits in the fourth quarter as the industry’s appetite for exploration continued to drive high-demand for multi-client data.

The company hit record net income in the quarter of $83.9 million, a 90% increase on the $44.2 million figure a year earlier, as revenue rose 56% year on year to $281.4 million fuelled by 34% higher late sales from its multi-client library of $563.8 million.

Its operating profit for the quarter, a measure of underlying performance, showed an 88% gain on the previous year at $117.9 million.

TGS more than doubled its pre-funding revenue for multi-client seismic to $65 million, covering 68% of its operational investment in such surveys during the quarter of $95.3 million – which was up 56% on…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index