SOURCE: TGS

TGS

February 19, 2015 08:00 ET

TGS Announces Extension of Declaration Project

ASKER, NORWAY--(Marketwired - Feb 19, 2015) -  TGS announces the extension of its Declaration Multi-WAZ Survey in the Mississippi Canyon and DeSoto Canyon protraction areas of the Gulf of Mexico.

The extension represents a minimum 2,000 km2 of additional data to be acquired by CGG using the single pass vessel configuration derived from its StagSeis technology. This technology will better image deep structural elements and improve subsalt and salt flank illumination. The extension is based on early observations from the fast track migration of phase one of the Declaration project.

Kristian Johansen, COO for TGS, commented that, "Expanding the survey to cover the extent of the current Lower Tertiary Norphlet fairway will provide industry-leading data for current and future exploration and development objectives."

Acquisition of the extension is expected to be completed in Q2 2015, followed by fast track deliverables and final imaging products in 2016.

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 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