TGS reports net revenues of USD 180.9 million in Q4 2011, compared to USD 177.6 million in Q4 2010, a 2% increase. The Company’s operational multi-client investments were USD 61.1 million, up 55% from Q4 2010. TGS’ backlog amounted to USD 210.9 million at the end of Q4, representing the highest backlog figure in the history of the Company.
At the meeting held on 8 February 2012, the TGS Board of Directors decided to propose a dividend of NOK 6 per share to the shareholders at the June 2012 Annual General Meeting.
4th QUARTER HIGHLIGHTS
* Consolidated net revenues were USD 180.9 million, an increase of 2% compared to Q4 2010.
* Net late sales totaled USD 146.1 million, up 3% from Q4 2010.
* Net pre-funding revenues were USD 30.3 million, up 16% from Q4 2010, funding 50% of the Company’s operational multi-client investments during Q4 (investments of USD 61.1 million, up 55% from Q4 2010).
* Proprietary revenues were USD 4.5 million, down 52% from Q4 2010.
* Operating profit (EBIT) was USD 62.7 million (35% of net revenues), compared to USD 81.4 million (46% of net revenues) in Q4 2010. Adjusted for non-recurring items, operating profit was USD 82.2 million (45% of net revenues).
* Cash flow from operations was USD 189.4 million, compared to USD 119.1 million in Q4 2010.
* Earnings per share (fully diluted) were USD 0.43, compared to 0.54 in Q4 2010.
* TGS’ backlog amounted to USD 210.9 million at the end of Q4, representing the highest backlog figure in the history of the Company.
FULL YEAR 2011 FINANCIAL HIGHLIGHTS
* Consolidated net revenues were USD 608.6 million, an increase of 7% compared to 2010.
* Net late sales from the multi-client library totaled USD 419.5 million, up 10% from USD 380.3 million in 2010.
* Net pre-funding revenues were USD 147.4 million, down 9% from 2010, funding 53% of the Company’s operational multi-client investments during 2011 (investments of USD 276.9 million, down 6% from 2010).
* Proprietary revenues were USD 41.7 million, up 65% from 2010.
* Operating profit (EBIT) was USD 240.4 million (40% of net revenues), compared to USD 227.1 million (40% of net revenues) in 2010.
* Cash flow from operations was USD 486.7 million, an increase of 19% from USD 408.8 million in 2010.
* Earnings per share (fully diluted) were USD 1.65 compared to USD 1.49 for the same period in 2010.
“We are pleased to have fulfilled our revenue guidance for 2011 despite delays in restarting operations and the lack of late-sale triggers in one of our key markets,” TGS’ CEO Robert Hobbs stated. “TGS showed impressive growth in other business sectors and is proud to report the highest quarterly revenues in the history of the Company. We enter 2012 in strong financial condition with an aggressive investment plan to capitalize on a healthy market outlook.”
TGS
[mappress] Subsea World News Staff , February 09, 2012; Image: TGS