SOURCE: TGS

TGS

October 20, 2014 08:00 ET

BSEE Awards Digital Well Log Data Management Contract to TGS

HOUSTON, TX--(Marketwired - Oct 20, 2014) -  The United States Department of the Interior, Bureau of Safety and Environmental Enforcement (BSEE) has entered into a new contract with TGS‐NOPEC Geophysical Company (TGS) for well log data management services over the next five years for all four regions of the Outer Continental Shelf (OCS). Under the agreement, TGS will also provide the BSEE with historic data from its multi‐client database.

This agreement marks TGS' third consecutive contract to manage well log data for the BSEE. Since 2004, TGS has acted as the collection point for all operator‐acquired well log data in the OCS region. After receiving the data, TGS processes it to the BSEE standard and then serves as the official release agent to the public once the Operator's proprietary period has elapsed.

"We are honored that BSEE has chosen TGS again for this contract," noted John Adamick, Senior VP Geological Products. "We look forward to serving BSEE's well log data management needs over the next five years."

TGS' global well database includes over eight million logs and other borehole data from key hydrocarbon provinces worldwide. The data is available online via LOG‐LINE Plus!®, a data repository with search, order and download capabilities.

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, permanent reservoir monitoring 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 principal 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".

Contact Information

  • For additional information about this press release please contact:

    Kristian Johansen
    Chief Financial Officer
    Tel: +47 47 60 33 34
    Email: kristian.johansen@tgs.com

    Will Ashby
    Director Investor Relations and M&A
    Tel: +1 713 860 2184
    Email: will.ashby@tgs.com

    John Adamick
    Senior VP Geological Products
    Tel: +1 713 860 2100
    Email: John.Adamick@tgs.com