TGS Offers Higher-than-expected Dividend

By Gwladys Fouche
Thursday, February 7, 2019
TGS CEO Kristian Johansen (Photo: TGS)

TGS, a provider of seismic data for the oil industry, proposed on Thursday a higher-than-expected dividend despite lower-than-expected profits in the fourth quarter and said demand from oil companies would continue picking up this year.

Seismic surveyors are a bellwether of oil companies' appetite for conducting exploration for oil and gas deposits.

TGS' earnings before interest and taxes (EBIT) rose to $68 million in the last quarter of 2018, from $51.6 million a year ago, but lagging market expectations of $77.8 million in a Reuters poll.

"While there continues to be some uncertainty related to important factors such as U.S. onshore production, oil price and E&P (exploration and production) budgets, we are confident that the positive trend from 2018 will continue this year," TGS said in a statement.

The company increased its quarterly dividend from $0.20 per share to $0.27 per share, higher than the $0.24 per share expected in a Reuters poll of analysts.


(Editing by Nerijus Adomaitis, editing by Terje Solsvik)

Categories: Surveyors Hydrographic Geoscience Industry News Geophysics Seismic

Related Stories

Germany: No Auction Bids Raises Alarm for Future Offshore Wind Tenders

Germany: No Auction Bids Raises Alarm for Future Offshore Wind Tenders

Fugro Gets Offshore Wind Job in Taiwan

Fugro Gets Offshore Wind Job in Taiwan

Inpex Picks FEED Contractors for Abadi LNG Onshore Plant

Inpex Picks FEED Contractors for Abadi LNG Onshore Plant

Current News

Harbour Energy Boosts Production Outlook After Wintershall Deal

SBM Offshore Ups 2025 Revenue Forecast After Strong Half-Year Results

Germany: No Auction Bids Raises Alarm for Future Offshore Wind Tenders

Yinson Production Completes Buy-Out of FPSO Atlanta Project Loan

Subscribe for OE Digital E‑News

Offshore Engineer Magazine