4th QUARTER FINANCIAL HIGHLIGHTS
- Consolidated net revenues were USD 89.3 million, an increase of 53% compared to Q4 2004.
- Net late sales from the multi-client library totaled USD 72.8 million, up 46% from USD 49.9 million in Q4 2004.
- Operating profit (EBIT) was USD 41.7 million (47% of Net Revenues), up 86% from USD 22.5 million in Q4 2004.
- Cash flow from operations after taxes was positive USD 10.9 million, versus positive USD 13.6 million in Q4 2004.
- Fully diluted earnings per share were USD 1.05 (USD 1.09 undiluted), up 78% compared to USD 0.59 (USD 0.63 undiluted) inQ4 2004.
FULL YEAR FINANCIAL HIGHLIGHTS
- Consolidated net revenues were USD 254.4 million, an increase of 48% compared to 2004.
- Net late sales from the multi-client library totaled USD 204.8 million, up 65% from USD 123.9 million in 2004.
- Operating profit (EBIT) was USD 108.5 million (43% of Net Revenues), up 89% from USD 57.2 million in 2004.
- Cash flow from operations after taxes was positive USD 64.0 million, versus positive USD 15.9 million in 2004.
- Fully diluted earnings per share were USD 2.71 (USD 2.84 undiluted), up 90% compared to USD 1.43 (USD 1.53 undiluted) for 2004.
"Our record net revenues in the fourth quarter resulted from a very robust and broad-based market response to TGS projects in all geographic locations",
stated TGS CEO Hank Hamilton. "The late sales from our library in the eastern hemisphere nearly doubled from Q4 last year, and sales in the Gulf of Mexico, traditionally our strongest market, continued to outpace our expectations. Demand for our newest projects as well as those currently in progress is particularly strong, giving us confidence in our growth and investment plan going forward.
Naersnes, February 8th, 2006
The Board of Directors of TGS-NOPEC Geophysical Company ASA
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO:TGS).
Web-site: www.tgsnopec.com
The full report with tables can be downloaded from the following link:
