TGS.ol,, TGSNF..
(Asker, Norway, January 7th 2008) 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.
CEO Hank Hamilton and CFO Arne Helland will host a
conference call today January 7th at 16:00
Norwegian time (10:00 AM New York time). Norwegian
attendees are invited to call 800 80 119 and
international attendees are invited to call +47 23
000 400. Attendees may want to call 5-10 minutes
before 16:00 (10:00 AM NY) hours to ensure
registration and access. A Q&A session will follow
a short introduction.To pose a question, please
press *1.
A replay of the Conference call will be available
shortly after. To access replay of TGS NOPEC´s
conference call, dial +47-67 89 40 91, account no:
1193 followed by # (pound-sign), press 1,
Conference no: 193 followed by # (pound-sign),
press 1 to play.
For additional information about this news release
please contact:
Arne Helland
Chief Financial Officer
Tel: +47 66 76 99 31/+47 91 88 78 29
Email: arne.helland@tgsnopec.no
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