SOURCE: TGS

TGS

April 09, 2015 08:00 ET

TGS Announces LOA for 3D Surveys in Northwest Europe

ASKER, NORWAY--(Marketwired - Apr 9, 2015) - TGS announces that it has signed a Letter of Award (LOA) with Polarcus DMCC to acquire 3,000 km2 of 3D seismic data in Northwest Europe with a potential extension of up to a total of 7,000 km2. The activity is expected to commence in April 2015 subject to the issuance of seismic acquisition permits from the relevant authorities.

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