SOURCE: TGS

TGS

June 15, 2015 08:00 ET

TGS Announces First Multi-Client 3D Program in Newfoundland-Labrador

ASKER, NORWAY--(Marketwired - Jun 15, 2015) - TGS announces a new multi-client 3D survey offshore Eastern Canada, with plans to acquire approximately 6,000 sq. km of seismic data. This survey is in partnership with PGS. 

The survey will be acquired utilizing the PGS GeoStreamer® technology in two areas; Eastern Newfoundland Orphan Basin and South Labrador. Data acquisition will commence during the summer season 2015. Pre-processing of the initial GeoStreamer signal will be performed by PGS following which TGS will perform data processing with final data available to clients mid-2016.

"TGS is excited to announce its first 3D project in this region, building upon our extensive knowledge derived from the multi-year 2D programs, acquired in partnership with PGS. This project will provide valuable data to exploration companies to further de-risk prospects in the Areas of Interest (AOIs) previously released by Canada's Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB)," commented Katja Akentieva, Senior VP Western Hemisphere, 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 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
    COO/Interim CFO
    Cell: +47 47 60 33 34
    Email: kristian.johansen@tgs.com

    Will Ashby
    Director Finance Western Hemisphere & Investor Relations
    Tel: +1 713 860 2184
    Email: will.ashby@tgs.com