In order to further improve organizational efficiency and competitiveness TGS is implementing global cost reduction and efficiency plan. Furthermore, the value of selected MC surveys will be written down to reflect more cautious market assumptions.

As advised in the 3Q report, TGS has in view of the weak market conditions continued to review its cost base, this with the aim of identifying organizational efficiencies, improvement potential and cost saving opportunities across all business units and levels. On the back of the review TGS will implement a number of measures and changes that will further improve the company's competitiveness and support operational cash flow.

Tags: TGS-NOPEC Geophysical Company