Seismic data company TGS has reported revenues of $140million compared with $205million in the second quarter of last year.
The company said despite challenging market conditions it had reported a backlog of $242million and a cash balance of $176million.
Cash flow from operations during the second quarter were $86million, compared to $66million during the same time last year.
Operating profit was $36million compared to $82million in the second quarter of 2014.
Chief executive Robert Hobbs said: “Demand for seismic data continues to be under pressure and the outlook for improvement in the market remains quite uncertain.
“Despite this uncertainty, TGS continues to be uniquely positioned within our industry with a strong balance sheet combined with a flexible asset-light business model.”
Earlier this year, the company revealed it would be reducing its headcount by around 100 members of staff.
The net revenues for the company in the first quarter of 2015 were estimated to be around $172million – about 23% lower than revenues reported for the same time in 2014.
A number of companies, including Centrica and Shell have also announced their second quarter results today.
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