Geophysical contractor TGS has posted first-quarter 2017 net profit of $1.6 million, compared to net loss of $20 million in the same period in 2016.
This comes down to quarterly earnings per share (fully diluted) of $0.02, against $0.20 loss per share same time last year.
The Oslo-listed firm generated revenues of $86 million in Q1 2017, compared to $63.7 million in Q1 2016.
Operating profit for the quarter (EBIT) was $1.9 million compared to negative $21 million in the prior-year quarter.
Q1 2017 free cash flow (after multi-client investments) was $74 million, compared to $63 million in Q1 2016
TGS reported backlog was $121 million at the end of the first quarter 2017, almost relatively flat with the corresponding period in 2016, and 137 percent up sequentially.
The company has maintained its quarterly dividend at $0.15 per share.
“Despite the continued challenging market conditions, TGS delivered strong growth in late sales of 82% from Q1 2016. We were also successful at securing prefunding for new 2017 projects. Our cash flow generation and pipeline of investment opportunities positions TGS well to enhance our status as the world’s leading multi-client geophysical company,” said TGS’ CEO Kristian Johansen .
Subsea World News Staff