TGS Announces Q1 2013 Revenues of USD 211 Million

ASKER, NORWAY - TGS reports net revenues of USD 211 million in Q1 2013, compared to USD 191 million in Q1 2012, a 10% increase. The Company’s operational multi-client investments were USD 126 million, up 24% from Q1 2012. TGS’ net late sales totaled USD 127 million, up 12% from Q1 2012.

1st QUARTER HIGHLIGHTS

• Consolidated net revenues were USD 211 million, an increase of 10% compared to Q1 2012.
• Net late sales totaled USD 127 million, up 12% from Q1 2012.
• Net pre-funding revenues were USD 56 million, down 25% from Q1 2012, funding 44% of the Company’s operational multi-client investments during Q1 (investments of USD 126 million, up 24% from Q1 2012).
• Proprietary revenues were USD 29 million, compared to USD 4 million in Q1 2012.
• Operating profit (EBIT) was USD 89 million (42% of net revenues), compared to USD 89 million (46% of net revenues) in Q1 2012.
• Cash flow from operations was USD 179 million, up from USD 147 million in Q1 2012.
• Earnings per share (fully diluted) were USD 0.58, compared to USD 0.61 in Q1 2012.

"We are pleased to report record late sales for a first quarter period confirming the value of our high quality data library. These results put us on track with our 2013 plan,” TGS’ CEO Robert Hobbs stated.

To access TGS Q1 2013 results information click below:

• Earnings Release
• Presentation Slides
• Webcast

Q1 2013 Conference Call

CEO Robert Hobbs and CFO Kristian Johansen will host a conference call on 25 April 2013 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 access.

• Norwegian attendees are invited to call +800 56054 or +47 2316 2771
• International attendees are invited to call 0800 279 5004 or +44 (0)20 7136 2056
• US attendees are invited to call +1 877 280 1254

Participants will need to quote the following confirmation code when dialing into the conference: 5452624.

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 (International) or +1 347 366 9565 (US)
• replay access code 5452624 followed by # (pound-sign)

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

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, permanent reservoir monitoring and data integration solutions.

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 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. 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 (OSLO:TGS).