Geophysical contractor TGS has posted second-quarter 2018 net profit of $46 million, compared to profit of $10 million in the same period in 2017.
This comes down to quarterly earnings per share (fully diluted) of 45 cents, against 9 cents profit per share same time last year.
The Oslo-listed firm generated revenues of $158 million in Q2 2018, up 47% compared to $107 million in Q2 2017.
“TGS delivered an excellent financial result in Q2 2018 driven by strong late sales which were up 73% year-on-year. This helped TGS to achieve its highest quarterly operating profit in four years. The global multi-client seismic market has been on an improving trend for more than a year now. TGS’s strong quarter was partly a result of high regional license round activity combined with a pick-up in activity related to acreage turnover and farm-ins particularly among independents and smaller E&P companies,” said Kristian Johansen, TGS’ CEO.
Operating profit for the quarter (EBIT) was $54 million, with profit margin of 34% compared to $18 million (profit margin 18%) in the prior-year comparable quarter.
TGS reported backlog was $86 million at the end of the second quarter 2018, down 32% from the corresponding period in 2017, but 18% up sequentially.
The company has kept its quarterly dividend at 20 cents per share.
Subsea World News Staff