TGS said it expects its net revenues for the first quarter of this year to be $64million.
Chief executive Kristian Johansen said the company was continue to adapt to a challenging market place as many firms reduce spending and headcount.
Operational investments have been around $53million while TGS said its cash balance increased to around $210million.
The figure is in addition to the undrawn revolving credit facility of $75million.
Johansen said:”This last quarter has arguably been the most severe of this down cycle with many customers focusing on cost and headcount reduction resulting in a significant pull back from exploration spending.
“TGS will continue our strong focus on cost control, cash flow and maintaining a healthy balance sheet in this challenging market”.