Geophysical contractor TGS has posted second-quarter 2016 net profit of $16.8 million, compared to net profit of $24.5 million in the same period in 2015.
This comes down to quarterly earnings per share (fully diluted) of $0.17, down from $0.24 in Q2 2015. For the first six months ended June 30, 2016, TGS recognized net loss of $3.4 million, or $0,03 per share, versus net profit of $53.1 million, or 52 cents per share in the corresponding period in 2015.
The Oslo-listed firm generated revenues of $114.4 million in Q2 2016, compared to $139.5 million in Q2 2015. Sequentially, revenues increased 79 percent from $64 million, and the company bounced back to black after net loss of $20.2 million in the first quarter this year.
Operating profit for the quarter (EBIT) was $21.6 million compared to $35.7 million in Q2 2015.
TGS reported backlog at $103 million at the end of Q2 2016, down 57 percent from Q2 2015 and 18 per cent lower than last quarter.
The company has maintained its quarterly dividend at $0.15 per share.
“We are very pleased with our results for Q2 2016 following a challenging first quarter for the seismic industry. While seeing some signs of improvement in oil companies’ willingness to invest in seismic data, the market is expected to remain challenging in the near term.
“Despite this near term uncertainty TGS remains optimistic on the longer term future.” TGS’ CEO Kristian Johansen stated.
Subsea World News Staff