TGS revealed a net revenue loss of $65 million in the second quarter of 2015, compared to the same period last year.
In its 2Q results statement, the company announced that net revenues reached $140 million in the second quarter of 2015, which represented a significant decrease to TGS’ $205 million revenue posted in 2Q 2014. Despite the net revenue loss, TGS reported a backlog of $242 million and a cash balance of $176 million. The company’s management expects 2015 multi-client investments to be approximately $490 million, according to a TGS statement, which is an increase from the previous estimate of $420 million.
TGS CEO Robert Hobbs commented in a company release:
"Demand for seismic data continues to be under pressure and the outlook for improvement in the market remains quite uncertain. Despite this uncertainty, TGS continues to be uniquely positioned within our industry with a strong balance sheet combined with a flexible asset-light business model."
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