TGS-Nopec Q1 pretax profit 51.3 mln usd, sees strong demand for 2007

OSLO (Thomson Financial) – Seismic exploration company TGS-Nopec posted first quarter pretax profit of 51.3 mln usd, an increase from 49 mln usd in the first quarter of 2006, but below what the market had been expecting.One broker, who asked not to be named, said consensus expectations were for 56.8 mln.Sales for the Norwegian seismic surveyor for the oil industry came in at 95.4 mln usd, up from 89.7 mln, a 6 pct rise.The company said a comparison of results was complicated by the fact that the previous year’s figures included 14 mln usd in net revenues and associated amortisation charges which would normally have been included in the Q4 2005 report, but which were transferred to the next quarter due to a change of accounting rules.Looking ahead, the company said that TGS’ growth in the first quarter was hampered by delayed deliveries of new seismic vessels, but demand for the company’s products and services remained strong.TGS said for 2007, it expected net revenue growth in the range of 20-25 pct.patrick.mcloughlin@thomson.compm/cmrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.