The Geo Barents sailed from the shipyard in Norway on Saturday July 7th, and is now expected to mobilize in the Gulf of Mexico on or about July 25th. This represents an additional delay of approximately 3 weeks compared to the June 11th message.
The BGP Pioneer is currently in drydock undergoing propeller repairs, and is now expected to mobilize for a proprietary contract project on July 20th. This represents an additional 1 month delay from the expectations TGS communicated on June 11th.
As a result of the lost production time within the 2nd and 3rd quarters of 2007, the management of TGS now updates its expectations for the full year 2007 to be:
The 2nd quarter of the year carried the heaviest impact of these delays, and consequently net revenues for Q2-07 are now expected to be approximately 8% above Q2-06.
The interim results for Q2-07 will be presented on August 9th.
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