Houston/Naersnes, November 1, 2001 - TGS-NOPEC will report its Q3 results on November 8, 2001. Today, after the close of the Oslo Stock Exchange, TDN-Finans, a Norwegian News Agency, published the results of a survey asking 10 analysts about their expectations for TGS-NOPEC's Q3 results.
When presenting the Q2-2001 results on August 16, TGS-NOPEC stated that its internal forecast for Net Revenues in Q3-2001 was in line with Q2-2001, approximately NOK 275 million, given that the market fundamentals stayed fairly stable.
The data published today by TDN-Finans show a wide variance in estimates among the 10 analysts interviewed. The lowest estimate of Net Revenues is NOK 258 million, 6% below our August 16th statement, and the highest is NOK 360 million, 31% above our August statement. The TDN-Finans arithmetic average consensus Net Revenue estimate is approximately 7% above the Company's previous guidance.
TGS-NOPEC wishes to reiterate to the financial market its guidance on expected Net Revenues for Q3 from August 16th. The Company also reiterates its expectation that the amortization rate on Multiclient sales for the full year 2001 will increase to a level between 35% and 40% of Net Revenues. The Year-to-Date Q2 statements showed an amortization rate of 35%.
The TDN-Finans arithmetic average consensus estimate for amortization rate in Q3-2001 is 31%, significantly lower than TGS-NOPEC Management's stated expectations.
TGS-NOPEC will present the Q3-2001 results on live web-cast at the Oslo Stock Exchange at 08,30 CEM over www.financialhearings.com, www.ose.com and our own web site www.tgsnopec.no.