Based on preliminary reporting from all operating units, TGS- NOPEC Geophysical ASA (TGS) now expects its stand alone net revenues for the fourth quarter of 2007 to be approximately USD 168 million.
"Quarterly revenues are 36% above our previous all time high achieved in the fourth quarter of last year. This robust growth is a result of a broad- based market response to TGS projects in all geographic locations. We expect demand for high quality seismic and well log products to remain strong throughout 2008, and we are confident TGS is positioned to continue delivering healthy growth," says Hank Hamilton, CEO of TGS.
Estimated stand alone net revenues for the full year 2007 now amount to approximately USD 453 million, excluding the USD 9.8 million previously included in the TGS third quarter results from the consolidation of 10 days of Wavefield Inseis business . Consequently, the 2007 annual growth rate in excess of 14% is in line with TGS` guidance for the full year 2007, issued on July 13th 2007 prior to commencement of the merger discussions with Wavefield Inseis.
As a result of the delay in completing the merger with Wavefield, TGS will present its fourth quarter and full year figures on a stand alone basis at its scheduled earnings release on February 14th 2008. TGS will also issue guidance for 2008 at that time.
TGS may be required to record a financial loss in its fourth quarter accounts on the value of the Wavefield shares acquired during the third quarter of 2007.
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