TGS Announces Q2 2011 Revenues of USD 136 Million

ASKER, NORWAY (4 August 2011) - TGS reports net
revenues of USD 136 million in Q2 2011, compared to
USD 112 million in Q2 2010. Investments and the
corresponding pre-funding revenues were significantly
lower in Q2 2011 than in Q2 2010 due to the expected
back end loaded investment plan, as previously
communicated to the market. Despite lower
investments, TGS is pleased to report late sales of
USD 98.0 million which is up 52% from Q2 2010.
2nd QUARTER HIGHLIGHTS
· Consolidated net revenues were USD 136.1
million, an increase of 21% compared to Q2 2010.
· Net late sales totaled USD 98.0 million, up
52% from Q2 2010.
· Net pre-funding revenues were USD 26.7
million, down 38% from Q2 2010, funding 43% of the
Company's operational multi-client investments during
Q2 (investments of USD 61.7 million, down 36% from Q2
2010).
· Proprietary revenues were USD 11.4 million,
up 142% from Q2 2010.
· Operating profit (EBIT) was USD 57.7 million
(42% of net revenues), compared to USD 33.4 million
(30% of net revenues) in Q2 2010.
· Cash flow from operations was USD 93.3
million, up from USD 74.1 million in Q2 2010.
· Earnings per share (fully diluted) were USD
0.41, compared to 0.18 in Q2 2010.
6 MONTHS FINANCIAL HIGHLIGHTS
· Consolidated net revenues were USD 268.1
million, an increase of 3% compared to H1 2010.
· Net late sales from the multi-client library
totaled USD 182.8 million, up 33% from USD 138.0
million in 2010.
· Net pre-funding revenues were USD 63.4
million, down 44% from 2010, funding 60% of the
Company's operational multi-client investments during
H1 (investments of USD 105.2 million, down 46% from
2010).
· Proprietary revenues were USD 21.9 million,
up 118% from 2010.
· Operating profit (EBIT) was USD 116.7 million
(44% of net revenues), compared to USD 92.3 million
(35% of net revenues) in 2010.
· Cash flow from operations was USD 231.6
million, an increase of 28% from USD 180.4 million in
2010.
· Earnings per share (fully diluted) were USD
0.81 compared to USD 0.58 for the same period in 2010.

"Another strong quarter with revenue growth of 21%
from last year," TGS' CEO Robert Hobbs stated. "We
continue to see great demand for our existing library
data and all business areas experienced growth in
late sales compared to one year ago. We maintain our
guidance for 2011."

CEO Robert Hobbs and CFO Kristian Johansen will
present the results at 08:30 CET on 4 August 2011 at
Shippingklubben located at Haakon VII's gt 1 in Oslo,
Norway. The presentation is open to the public and
can also be followed live on the internet at
www.tgsnopec.com streamed by Webcast Norge.

To access TGS Q2 2011 results information, click on
the links below or go to the Company website at
www.tgsnopec.com:

TGS Q2 2011 Earnings Release

TGS Q2 2011 Webcast

TGS Q2 2011 Presentation Slides

Q2 2011 Conference Call
CEO Robert Hobbs and CFO Kristian Johansen will also
host a conference call on 4 August 2011 at 15:00 CET
Norway time (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
19641 or +47 2415 9757
· International attendees are invited to call
0800 032 3808 or +44 (0)20 7138 0843
· US attendees are invited to call +1 866 850
2201
Participants will need to quote the following
confirmation code when dialing into the conference:
3885488.

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 7111
1244 (International) or +1 347 366 9565 (US)
· replay access code 3885488 followed by #
(pound-sign)
A replay of the conference call will also be
available at www.tgsnopec.com

Company summary
TGS-NOPEC Geophysical Company (TGS) provides multi-
client geoscience data and services to oil and gas
Exploration and Production companies around the
globe. TGS' geophysical and geological data products
include multi-client seismic libraries, permanent
reservoir monitoring, magnetic and gravity data, the
industry's largest global database of digital well
logs and regional interpretive products. TGS also
provides high-end depth imaging services to help
resolve complex seismic imaging problems. For more
information visit TGS online at www.tgsnopec.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).
For additional information about this press release
please contact:

Kristian Johansen
Chief Financial Officer
Office: +47 667 69931
Cell: +47 47 60 33 34
Email: kristian.johansen@tgsnopec.com
Karen El-Tawil
VP, Business Development
Office: +1 713 860 2102
Cell: +1 713 806 2420
Email: karen.el-tawil@tgsnopec.com

This information is subject of the disclosure
requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.