TGS ASA — Earnings Release 2015

Jul 30, 2015

TGS announces Q2 revenues of USD 140 million*Corr

TGS announces Q2 revenues of USD 140 million*Corr

*Please see the financial reports attached to this

message.

ASKER, NORWAY (30 July 2015) - TGS reports net

revenues of USD 140 million in Q2 2015, compared to

USD 205 million in Q2 2014. Earnings before interest

and taxes (EBIT) totaled USD 36 million,

corresponding to an EBIT margin of 26%. Despite

the industry's market challenges and uncertain

outlook, TGS reports a backlog of USD 242 million and

a cash balance of USD 176 million.

"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,"

TGS' CEO Robert Hobbs stated. "Our 2015 revenue

guidance remains unchanged".

2(nd )QUARTER HIGHLIGHTS

* Consolidated net revenues were USD 140 million,

compared to USD 205 million in Q2 2014.

* Net late sales totaled USD 82 million, down 40%

from USD 137 million in Q2 2014.

* Net pre-funding revenues were USD 53 million,

down 12% from Q2 2014, funding 45% of the Company's

operational multi-client investments during Q2

(investments of USD 116 million, up 2% from Q2 2014).

* Proprietary revenues were USD 5 million, compared

to USD 8 million in Q2 2014.

* Operating profit (EBIT) was USD 36 million (26%

of net revenues), compared to USD 82 million (40% of

net revenues) in Q2 2014.

* Cash flow from operations was USD 86 million,

compared to USD 66 million in Q2 2014.

* Earnings per share (fully diluted) were USD 0.24,

down from USD 0.59 in Q2 2014.

6 MONTHS FINANCIAL HIGHLIGHTS

* Consolidated net revenues were USD 311 million,

down from USD 427 million in 2014.

* Net late sales from the multi-client library

totaled USD 153 million, Down 44% from USD 274

million in 2014.

* Net pre-funding revenues were USD 146 million, up

9% from 2014, funding 52% of the Company's

operational multi-client investments during H1 2015

(investments of USD 279 million, up 15% from 2014).

* Proprietary revenues were USD 11 million,

compared to USD 19 million in 2014.

* Operating profit (EBIT) was USD 73 million (23%

of net revenues), compared to USD 176 million (41% of

net revenues) in 2014.

* Cash flow from operations was USD 346 million

compared to USD 287 million in 2014, an increase of

21%.

* Earnings per share (fully diluted) were USD 0.52,

down from 1.25 in 2014.

Management now expects that 2015 multi-client

investments will be approximately USD 490 million, up

from the previously guided USD 420 million. This

increase in counter-cyclical investment is driven by

prepayments associated with the acquisition of the

Polarcus data library and a slight acceleration of the

Gigante Mexico project.

To access TGS Q2 2015 results information click

below:

* Earnings Release

* Presentation Slides

* Live Presentation

Q2 2015 Conference Call

CEO Robert Hobbs and COO/Interim CFO Kristian

Johansen will host a Conference call on 30 July 2015

at 15:00 CET (9:00 AM New York time). Attendees may

want to call 5-10 minutes before 15:00 CET (9:00 AM

NY) to ensure registration and access.

* Norwegian attendees are invited to call +800

56053 or +472316 2787

* International attendees are invited to call 0800

279 5004 or +44(0)20 3427 1902

* US attendees are invited to call +1 877 280 1254

Participants will need to quote the following

confirmation code when dialing into the conference:

7625572

A Q&A session will follow a short introduction, based

upon the presentation issued in the morning. To pose

a question, please press *1.

A replay of the conference call will be available

shortly after. To Access replay of the TGS conference

call,

* dial +47 2100 0498 (Norway) or +44 (0)20 3427

0598 (International) or +1 866 932 5017 (US)

* replay access code 7625572 followed by # (pound-

sign)

A replay of the conference call will also be

available at www.tgs.com.

Company summary

TGS-NOPEC Geophysical Company (TGS) provides multi-

client geoscience data to oil and gas Exploration and

Production companies worldwide. In addition to

extensive global geophysical and geological data

libraries that include multi-client seismic data,

magnetic and gravity data, digital well logs,

production data and directional surveys, TGS also

offers advanced processing and imaging services,

interpretation products, and data integration

solutions.

For more information visit TGS online at www.tgs.com.

Forward-looking statements and contact information

All statements in this press release other than

statements of historical fact are forward-looking

statements, which are subject to a number of risks,

uncertainties and assumptions that are difficult to

predict, and are based upon assumptions as to future

events that may not prove accurate. These factors

include TGS' reliance on a cyclical industry and

principal customers, TGS' ability to continue to

expand markets for licensing of data, and TGS'

ability to acquire and process data products at costs

commensurate with profitability. Actual results may

differ materially from those expected or projected in

the forward-looking statements. TGS undertakes no

responsibility or obligation to update or alter

forward-looking statements for any reason.

TGS-NOPEC Geophysical Company ASA is listed on the

Oslo Stock Exchange (OSLO:TGS).

TGS sponsored American Depositary Shares trade on the

U.S. over-the-Counter market under the symbol "TGSGY".

For additional information about this press release

please contact:

Kristian Johansen

COO/Interim CFO

Cell: +47 47 60 33 34

Email: kristian.johansen@tgs.com

Will Ashby

Director Finance Western Hemisphere & Investor

Relations

Tel: +1 713 860 2184

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Email: will.ashby@tgs.com

This information is subject of the disclosure

requirements acc. to §5-12 vphl (Norwegian Securities

Trading Act)