Russian sanctions bite…the wrong side!

The AIM quoted marine geophysical group has announced interim results for the 6 months ending 30th June 2014. It was a positive first half at the operating level with significant progress made on a number of fronts, including meaningful interest in further sales of TGS Multi-Client data (project announced in March 2014) and a growing order/enquiry pipeline. However, the short term outlook has unfortunately been overshadowed by the impact of sanctions on Russia which has led to uncertainty surrounding the contracted deployment of a significant contract in the 2nd half.