TGS Announces Two New Ocean Bottom Projects in the U.S. Gulf of Mexico

ASKER, NORWAY--(Marketwired - Sep 29, 2014) - TGS is pleased to announce the first two ocean bottom projects in the shelf region of the U.S. Gulf of Mexico under its collaboration agreement with FairfieldNodal.

The Calypso Full Azimuthal Nodal (FAN) survey is located in the Eugene Island protraction area and will cover 136 shelf blocks. Historical production from Upper and Lower Miocene reservoirs will be complemented by new long offset full azimuth nodal data that will identify new reserve potential in this geologically complex area. Calypso FAN is being acquired by FairfieldNodal using the Z700® ocean bottom node system, with operations scheduled to restart in November 2014 continuing through the full year 2015.

The Nessie FAN survey represents 54 blocks of coverage in the South Timbalier protraction area and will cover a number of existing fields and exploratory acreage. This full azimuth data will provide significant uplift in illumination of existing Miocene reservoirs and emerging inboard Cretaceous and Lower Tertiary opportunities. FairfieldNodal started the Nessie FAN survey in August 2014 and will together with TGS complete the survey in Q4 2014. 

"Together, both Calypso FAN and Nessie FAN are expected to provide a new standard of images for exploration and development as the industry experiences a re-emergence of shelf activity in the U.S. Gulf of Mexico," stated Rod Starr, Senior VP Western Hemisphere for TGS. Imaging for both data sets will be completed by TGS.

Both projects are supported by industry funding.

To view TGS' updated vessel and crew capacity schedule, please click here.

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".

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