Norwegian geoscience data, software and service provider TGS-NOPEC Geophysical Company (OSE: TGS) reported second quarter results this Thursday. In a sign of the times, it was down nearly 20% on that day in what did not seem plausible on mere numbers. Revenue was up 21% from last year to 136.1 million USD and operating profit nearly doubled to 57.7 million (42% margin vs. 30% margin).
Multi-client seismic surveys accounted for 80% of sales. CEO Robert Hobbs says TGS continues to see great demand for existing library data and thus maintains guidance for 2011. The guidance is for 600-650 million USD of net revenues, multi-client library investments of 280-300 million and amortization rate in the range of 41-47% of net revenues. Current vessel activity is record high. The stock price stabilized on Friday.
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