TGS: $65 Million Revenue Loss in 2Q 2015

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."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
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
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Petrofac Suspends Group Chief Operatin... (May 25)
 -  EnQuest On Track For Kraken First Oil ... (May 25)
 -  Energean Signs Lease Agreement for Exp... (May 25)
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Mudlogger - NE Region
Expertise: Mud Logging
Location: Pennsylvania, PA
 
Financial Reporting Analyst
Expertise: Accounting
Location: Houston, TX
 
Equipment Operator - San Antonio
Expertise: Coil Tubing|Driller|Production Operator
Location: San Antonio, TX
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours