SOURCE: TGS-NOPEC Geophysical Company

TGS-NOPEC Geophysical Company

September 29, 2009 08:00 ET

TGS Acquisition on the Freedom Wide Azimuth Project Completed

ASKER, NORWAY--(Marketwire - September 29, 2009) - TGS-NOPEC Geophysical Company (TGS) announces that the Freedom Wide Azimuth (WAZ) 3D seismic project in the Gulf of Mexico now has been fully acquired in cooperation with WesternGeco.

The Freedom project was first announced in December of 2007 with the formation of the cooperation agreement between TGS and WesternGeco. Acquisition of the survey began in January of 2008 and was completed on September 19, 2009. Fast track data products are being delivered to customers who have licensed the data. Additional imaging work will continue on the Freedom WAZ project throughout 2010.

Through customer interest and funding, the Freedom WAZ project grew from the original outline of 15,000 square kilometers to the final project outline which totals over 16,600 square kilometers in the Mississippi Canyon and Atwater Valley areas of the deepwater central Gulf of Mexico.

The WesternGeco WAZ crew is now acquiring the TGS Liberty WAZ project under an extension of the Cooperation Agreement between TGS and WesternGeco. Liberty is a sister project to Freedom WAZ and extends the contiguous Wide Azimuth data coverage by an additional 3,000 square kilometers on the southwest side of Freedom.

TGS-NOPEC Geophysical Company (TGS) is a principal resource for global geoscientific data products and services in the E&P industry. TGS specializes in the design, acquisition and processing of multi-client seismic surveys worldwide and delivers advanced high performance seismic imaging and software solutions. The Company also provides the world's largest online well-log database, well data management services, multi-client interpretive products and subsurface consulting services to industry. The suite of integrated exploration data products available from TGS is distinctive and unmatched. The Company philosophy is to create unique high-quality data collected in the right place at the right time.

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).

Contact Information

  • For additional information about this news release please contact:

    Karen El-Tawil
    VP, Business Development
    Tel: +1 713 860 2100
    Email: Email Contact

    Arne Helland
    Chief Financial Officer
    Tel: +47 66 76 99 31/+47 91 88 78 29
    Email: Email Contact