Naersnes, Norway, May 2. 2003. TGS-NOPEC starts to report its consolidated financial reports in USD as from Q1 2003. Nearly 100% of the Group's revenues and the majority of the costs are in USD, meaning that USD is the Company's functional currency.
TGS-NOPEC hereby encloses converted Profit & Loss and Balance Sheet per quarter for the years 2000, 2001 and 2002 from NOK to USD.
The conversion of the Financial Statements of the Parent Company and the other non-US entities for the years 2000, 2001 and 2002 has been done in accordance with the Recommendation made by Norwegian Accounting Standards in 2000 and in the following way:
1. Current assets (Multi-client library excepted) and all liabilities at Balance Sheet Dates have been translated into USD applying Balance Sheet Date exchange rates.
2. The Multi-client library and fixed assets have been converted to USD applying the historic exchange rates at the time of investment, all the way back to 1996.
3. The quarterly average exchange rates between the USD/NOK have been applied for the P&L transactions.
TGS-NOPEC's auditors, KPMG, have reviewed and agreed to the method and principles applied in the conversion of the financial statements.
TGS-NOPEC is listed on the Oslo Stock Exchange (OSLO:TGS).
For additional information about this news release please contact:
TGS-NOPEC Geophysical Company ASA
Arne Helland , CFO.
Tel : +47 31 29 20 00/+47 91 88 78 29
arne@tgsnopec.no
arne@tgsnopec.no
The full Converted Financial Statements can be downloaded from the enclosed link.
