HOUSTON, TX--(Marketwire - June 15, 2010) - TGS announced today that its Geological Products division purchased the directional survey business of P2 Energy Solutions' Tobin business line. The agreement includes the purchase of P2's existing database of over 38,000 high quality directional surveys and incorporates ongoing client initiated programs in several key regions. Directional surveys are a summary of geometric information that provides a detailed 3D view of a well's path in the subsurface.
As part of the directional survey transaction, TGS and P2 signed a separate agreement to share certain well header information in the US. Well headers contain basic metadata including, but not limited to, a well's general location, name, and depth.
John Adamick, Senior Vice President of the TGS Geologic Products division, said, "We are very happy to conclude this transaction. P2's Tobin Map Data is well known for its high quality directional survey processing and they bring a wealth of expertise to help TGS grow this division of the business. The transaction provides TGS with a large number of surveys that can be sold immediately through our LOG-Line Plus! e-commerce site. These directional surveys are a natural companion to our industry-leading digital well log database. Additionally, the well header sharing arrangement allows TGS to maintain our long-standing relationship with P2 and for standardization of basic well information between the companies."
"The transfer of the directional well survey business will allow us to invest more in our industry leading surface data products," stated Bret Bolin, Chief Executive Officer of P2 Energy Solutions. "Our 3,000 Tobin data customers will have access to new geographic regions, expanded data in existing regions and technological enhancements to our core offerings. In addition, they will also benefit from the agreement between P2 Energy Solutions and TGS to share well header information in the US."
Company summary
TGS-NOPEC Geophysical Company (TGS) provides global geoscience data products and services to the oil and gas industry for the exploration and delineation of hydrocarbon reserves. We design and acquire multi-client data projects worldwide that make up our data library of seismic, gravity/magnetic and well data, enhanced by our seismic imaging technology and regional interpretation expertise. Visit TGS online at www.tgsnopec.com.
Forward-looking statements & 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).
For additional information about this news release please contact:
Contact Information:
Karen El-Tawil
VP, Business Development
Office: +1 713 860 2102
Cell +1 713 806 2420
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