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TGS Declines Most in 10 Months as Prefunding Misses Expectations

TGS Nopec Geophysical ASA fell the most in 10 months in Oslo as the company missed first quarter earnings estimates on a lower-than-expected prefunding rate for the seismic company’s oil and gas surveys.

Norway’s largest surveyor of underwater oil and gas fields dropped as much as 5.9 percent, the most since June 22, and traded 5.2 percent lower as of 9:20 a.m. The company posted first quarter net income of $60.3 million, below the $65.9 million average of 16 analyst estimates compiled by Bloomberg.

“The discrepancy was due to lower prefunding rate” of 44 percent, compared with the 55 percent that was expected, RS Platou AS analyst Thomas Orner said in an e-mail. TGS “is on track to deliver on its full-year guidance and nothing in the report makes us change our view that TGS will have a solid 2013.”

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