ASKER, NORWAY (25 May 2016) - TGS announces the expansion of its multi-client library offshore Eastern Canada, with plans to acquire approximately 2,000 km² of 3D seismic data, in partnership with PGS. The survey will be acquired utilizing the PGS GeoStreamer® technology. Data acquisition will commence during the summer season 2016. Pre-processing of the initial GeoStreamer signal will be performed by PGS following which TGS will perform data processing with final data available to client in Q3 2017.
This new data will strengthen the existing portfolio of 3D datasets. Currently the library consist of over 112,000 km of modern 2D data and 9,172 km² of 3D data, owned jointly with PGS, in addition to 83,700 km of TGS vintage data. A map of the survey can be found here (http://www.tgs.com/uploadedImages/CorporateWebsite/Content/Landing_Pages/North_America/ECC_2016.png).
"We are building upon our extensive knowledge derived from previous 3Ds and the multi-year 2D programs acquired in partnership with PGS. This project will provide valuable data to exploration companies to further de-risk their prospects," commented Kristian Johansen, CEO, TGS.
This project is supported by industry funding.
Company summary
TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration solutions.
For more information visit TGS online at www.tgs.com.
Forward-looking statements and contact information
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include TGS' reliance on a cyclical industry and principle customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data products at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO:TGS).
TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY".
For additional information about this press release please contact:
Sven Borre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Email: sven.larsen@tgs.com (mailto:sven.larsen@tgs.com)
Will Ashby
VP of HR & Communications
Tel: +1 713 860 2184
Email: will.ashby@tgs.com (mailto:will.ashby@tgs.com)
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: TGS via Globenewswire
