Norway-based geophysical company TGS-NOPEC Geophysical Co. ASA said Oct. 8 that it expects net revenues of $141 million for the third quarter.

"With the market fundamentals continuing to improve, our customers are under increased pressure to replenish reserves and start growing again," TGS CEO Kristian Johansen said. "As a result, we believe exploration budgets will have to increase from the current unsustainable, low level."

The company reported net revenues of $141.68 million in the third quarter of 2017 while second quarter revenues were pegged at $158 million.