Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

TGS Revenue Beats Guidance, Could Rise Further

change text size

Reuters

OSLO, Jan 9 (Reuters) – Seismic surveyor TGS beat its own revenue guidance in 2013 and could post even higher revenue in 2014, the firm said on Thursday, a positive change for a sector dragged down in recent months by a slew of profit warnings.

TGS, which maps the sea floor for oil and gas deposits, said its 2013 revenue totalled around $882 million, above its own guidance for $810 million to $870 million as it amassed record late sales in the fourth quarter.

For 2014, the firm said revenue could total between $870 million and $950 million, or broadly in line with analysts' expectation for around $916.5 million, according to Thomson Reuters data.

Seismic surveyors have been among the worst performing stocks in the oil services sector as oil companies rein in capital spending, hitting the market for exploration.

PGS, TGS and Polarcus have all issued profit warnings in recent months, while Dolphin Group said its 2014 revenue would be around the low end of analyst forecasts.

"The near term outlook for exploration is mixed with some survey participants expecting seismic costs to fall in 2014," TGS said. "(But the) longer term outlook for exploration very positive as oil companies move to deeper waters and unconventional plays."

TGS said it sees pre-funding on its surveys at around 45 to 55 percent in 2014, an increase from its 2013 guidance for 40 to 50 percent. It sees multi-client investments at $390 to 460 million.

TGS shares have fallen 15 percent over the past three months while PGS is down over 7 percent. The Oslo benchmark is up 9 percent over the same period.

(Reporting by Balazs Koranyi; Editing by Terje Solsvik and David Holmes)

Copyright 2014 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Most Popular Articles
From the Career Center
Jobs that may interest you
GeoSteering Services Lead Specialist
Expertise: Geologist, Geoscientist
Location: Abu Dhabi
 
Support Analyst - G&G
Expertise: Geologist, Geophysicist, Geoscientist
Location: Kuala Lumpur
 
O&G Gis Analyst
Expertise: Cartography / Mapping, Geoscience Technician
Location: Dallas, TX
 
search for more jobs