In This Article:
ASKER, NORWAY (5 April 2018) - TGS publishes its annual report for 2017, including a Corporate Sustainability Report and Declaration of Executive Remuneration.
The report can be downloaded from www.newsweb.no or by clicking here.
"In 2017, TGS managed to grow free cash flow before dividend by 35% from 2016 to a level of USD 123 million. The strong cash flow enabled us to pay a dividend to our shareholders of USD 63 million and we are proud to be one of few international oil service companies who have maintained a dividend throughout the severe down cycle. I would like to thank our employees for all of the hard work, passion and client focus during another challenging year for our industry.", commented Kristian Johansen, CEO for TGS.
Company Summary
TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration solutions.
For more information visit TGS online at www.tgs.com.
Forward-looking statements and contact information
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include TGS` reliance on a cyclical industry and principle customers, TGS` ability to continue to expand markets for licensing of data, and TGS` ability to acquire and process data products at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (TGS.OL).
TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY".
For additional information about this press release please contact:
Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Email: sven.larsen@tgs.com
Will Ashby
VP HR & Communication
Tel: +1 713 860 2184
Email: will.ashby@tgs.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. TGS Declaration of Remuneration 2017
TGS Annual Report 2017
TGS Corporate Social Responsibility 2017