SOURCE: TGS

TGS

June 25, 2014 08:00 ET

TGS Announces New Multi-Year, Multi-Client Project Offshore Northeast Greenland

ASKER, NORWAY--(Marketwired - Jun 25, 2014) - TGS will commence acquisition of a new multi-year, multi-client 2D program offshore Northeast Greenland. The project will be fulfilled over a maximum of four seasons, bringing TGS' total multi-client database in Northeast Greenland to more than 36,000 km. Data acquisition for the first season will commence in August 2014.

"This data will provide companies with dense coverage over awarded license blocks and will lead to better regional understanding. The commitment to this multi-year program with its accompanying strong customer support is confirmation of TGS' strategy in growing our library in this region over the past several years," commented Stein Ove Isaksen, Senior VP Eastern Hemisphere for TGS.

Data processing will be performed by TGS using its proven proprietary broadband technology, Clari-Fi™. The first season of data will be available to clients in Q1 2015.

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, permanent reservoir monitoring 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
    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

    Stein Ove Isaksen
    Senior VP Eastern Hemisphere
    Tel: +47 66 76 99 00
    Email: SteinOve.Isaksen@tgs.com