TGS Announces Gigante 2D Offshore Mexico

HOUSTON, TX--(Marketwired - May 18, 2015) - TGS announces Gigante, a 181,500 km regional 2D seismic survey in the Gulf of Mexico.

TGS is pleased to confirm that it has received a seismic permit from Mexico's Comisión Nacional de Hidrocarburos (CNH) authorizing the acquisition of a 181,500 km regional 2D seismic survey. In addition TGS has received environmental and social resolutions.

This survey will utilize four Seabird vessels to acquire an extensive regional grid of 2D multi-client seismic with 12,000 km offsets. Gigante will cover the vast offshore sector of Mexico, including world class producing trends such as the Perdido fold belt and Campeche Bay, and line ties will be made in to the US Gulf of Mexico regional grids previously acquired by TGS.

TGS will commence acquisition in Q2 2015. Data processing will be performed by TGS with initial fast-track data available in Q3 2015. Gigante will also include gravity and magnetic data with a regional seismic structural interpretation.

"This survey will provide the industry with unprecedented continuous coverage across the rift basin, enhancing regional context and understanding of depositional systems and prospective regions. The grid ties known petroleum systems as well as vast underexplored areas of the basin as a springboard for new exploration. TGS is pleased to be a part of history as Mexico opens its oil and gas industry to international investments," commented Robert Hobbs, CEO for TGS.

The survey 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".