Norwegian oil and gas geoscience specialists TGS have seen a slight dip in their third quarter profits compared with 2013.
The company’s net revenues were $190million,$1million less since the same time last year.
But TGS also reported a record backlog of $260million of work for the third quarter of 2014.
Chief executive officer, Robert Hobbs, said the company continued to see good investment despite the “challenging market”.
Mr Hobbs said: “We are pleased to announce Q3 revenues in line with Q3 2013 despite a challenging market with lower oil prices and continued downward pressure on exploration spending.
“TGS continues to see good investment opportunities and will capitalize on our asset-light business model and strong balance sheet.
“Our record high back-log at the end of Q3 positions the company well to continue to deliver high quality data needed by the industry to identify new reserves.”
Cash flow from operations was $473 million compared to $330 million in 2013, an increase of 44%.
Operating profit (EBIT) was $71 million compared to $80 million in Q3 2013.
Recommended for you
