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The seismic company TGS gives shareholders every reason to rejoice.
On Monday morning, the company announced strong sales growth for the second quarter. This means that the turnover will be $ 158 million, or 47% more than the same quarter last year.
– This is a regular update, but having said that, it's a pretty high figure, says Sven Børre Larsen, chief financial officer at TGS. ] – Oi
– We really say that the quarter was good, which again indicates that the quarterly profits are quite usable. We have had several good quarters in a row with a good trend in sales development and it is clear that the market has improved, "says Larsen
The market accepts the update with open arms and lifts the title nine Monday morning
– Oi. There was a lot, Larsen's first reaction to the sudden recovery.
Up to now this year, the stock has increased 65 percent.
- TGS was established in Houston in the United States in 1981.
- Built a multi-client library of 2D- The data in the Gulf of Mexico before the expansion of the company in America North and West Africa and a 3D seismic portfolio in the Gulf of Mexico.
- In 1981, the company Nopec was established in Oslo and marketed in 1997. Nopec and created the merged company TGS-Nopec Geophysical Company.
- now employs approximately 600 employees with headquarters in Asker and operating offices in Houston, United States. It also has offices in Calgary, London and Perth
- listed on the Oslo Stock Exchange with a market value of NOK 32 billion.
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– The course has progressed a lot. This is a reflection of improved results. It is difficult to have a very strong opinion on this, "says the CFO.
The Norwegian state is through the largest shareholder of Folketrygdfondet in TGS with 9.94% of The rise in prices Monday has in a few hours given the state an unrealized gain of 222 million NOK.
Still few investments
Seismic companies are studying oil deposits and of underground gas and sell data to oil companies
In seismic data can be mainly sold in two ways:
- Or by what are called "late sales", which are a kind of sale seismic data already collected.
According to Larsen, second quarter sales are driven by tablet sales, ie existing data from multi-client libraries of the company, and no investments or so-called pre-financing.
– Looking at late sales, it looks good in a historical perspective. To enter the next phase, you must see that the investments and the will come after. The pre-financing of seismics is still relatively low, he says.
In other words, the oil companies do not yet dare commit to investing in seismic before the collections.
Better than last year
"The customer business is significantly higher than a year ago, although the research and production companies remain selective and disciplined in According to the new data purchases, the market should remain volatile in the near future, "said TGS director Kristian Johansen at the company's announcement.
Larsen states that in the seismic field, there is always a small pole.
– Can you promise shareholders such positive notifications in the future?
– We dare not promise anything, but we will do better than last year and the year before. says Larsen
TGS presents results for the second quarter of August. (Terms)
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