SOURCE: TGS

TGS

May 02, 2016 01:50 ET

TGS Announces New 2D Multi-Client Acquisition Offshore Eastern Canada

ASKER, NORWAY--(Marketwired - May 2, 2016) - TGS announces the expansion of its multi-client library offshore Eastern Canada with plans to acquire more than 36,000 km of 2D seismic data, in partnership with PGS, utilizing two vessels during the 2016 acquisition season.

The M/V Sanco Spirit and M/V Atlantic Explorer, utilizing the PGS GeoStreamer® technology, will acquire seismic and gravity data in the Labrador Sea, Newfoundland Orphan-Flemish Pass basins and Grand Banks areas. Data acquisition will commence during late May 2016. 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 in Q3 2017.

This new data will complement the existing TGS-PGS joint venture library which already comprises over 112,000 km of modern 2D data and 9,172 km2 of 3D data in addition to 83,700 km of TGS vintage data. TGS also offers an expansive well log library and advanced multi-client interpretation products that will improve play, trend and prospect delineation in this region.

"Offshore Newfoundland and Labrador has been an area of high interest from exploration companies in an otherwise challenging market as evidenced by the successful licensing round in November 2015. This will be our sixth consecutive season acquiring data in partnership with PGS in this highly prospective region, targeting expected Areas of Interest (AOIs) to be released under the scheduled land tenure system," commented Kristian Johansen, CEO for TGS.

This project is supported by industry funding.

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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 principle 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:

    Sven BorreLarsen
    Chief Financial Officer
    Tel: +47 90 94 36 73
    Email: sven.larsen@tgs.com

    Will Ashby
    VP HR and Communication
    Tel: +1 713 860 2184
    Email: will.ashby@tgs.com