UPDATE 1-TGS-Nopec Q2 profits drop, project delays weigh

(Adds details, quotes; updates share price)

OSLO, Aug 9 (Reuters) - Norwegian seismic surveyor TGS-Nopec (TGS.OL: Quote, Profile, Research, Stock Buzz) posted on Thursday a drop in profits for the second quarter, missing market expectations for a rise, hit by project delays and a less favourable mix of sales.

Pretax earnings at the supplier of seismic data to the oil and gas industry fell to $37 million in April-June from $45 million in the same quarter last year.

The result, which followed a mid-July revenue warning, undershot all forecasts from $42 million to $56 million in a Reuters survey of eight analysts whose average expectation was a rise to $48 million.

TGS-Nopec shares lost 2.4 percent at 110.25 crowns by 0757 GMT, underperforming a 0.8 percent drop in the Oslo bourse benchmark index and valuing the company at about $2.03 billion.

"This quarter's results were negatively impacted by project delays stemming from late 3D vessel deliveries, the absence of any high impact late sales and a less favourable mix of sales than in previous quarters," TGS-Nopec Chairman Claus Kampmann said in a statement.

Late sales are sales from the data library as opposed to sales of newly acquired seismic surveys.

But with the vessels now in full operation and sales opportunities ahead, Kampmann said, "our outlook is very positive."

In mid-July the company warned of project delays and cut its 2007 net revenue growth target to 15 to 20 percent from an earlier 20 to 25 percent.