SOURCE: TGS

TGS

July 12, 2010 08:00 ET

TGS Charters Additional Vessel Capacity for West Africa Opportunities

HOUSTON, TX--(Marketwire - July 12, 2010) - TGS announces that it has chartered additional vessel capacity to address its multi-client opportunities in West Africa. TGS has chartered Fugro's Geo-Caribbean for approximately seven (7) months to acquire multi-client programs in West Africa. The Geo-Caribbean is a modern vessel capable of towing twelve (12) long offset streamers. It is anticipated that TGS will take delivery of the vessel around 1 September 2010. It is anticipated that over 10,000 km2 of new 3D will be acquired under this new vessel charter.

"Over the last three years TGS has increased its 3D investments significantly in West Africa. In that period we have acquired over 21,000 km2 of 3D data in this promising region. We continue to see opportunities along the Africa transform margin as well as in the salt basins and see the charter of the Geo-Caribbean as an opportunity to gain access to a world class 3D seismic vessel for utilization in a key exploration market," said Robert Hobbs, CEO of TGS. "TGS continues to be successful in diversifying its world-wide multi-client data portfolio and the charter of this impressive vessel will significantly further that effort," continued Hobbs.

Data to be acquired with the Geo-Caribbean is supported by industry pre-funding.

Company summary

TGS-NOPEC Geophysical Company (TGS) provides global geoscience data products and services to the oil and gas industry for the exploration and delineation of hydrocarbon reserves. We design and acquire multi-client data projects worldwide that make up our data library of seismic, gravity/magnetic and well data, enhanced by our seismic imaging technology and regional interpretation expertise. Visit TGS online at www.tgsnopec.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).
 

Contact Information

  • For additional information about this news release please contact:
    Karen El-Tawil
    VP, Business Development
    Office: +1 713 860 2102
    Cell: +1 713 806 2420
    Email: Email Contact

    Kristian Johansen
    Chief Financial Officer
    Cell: +47 47 60 33 34
    Email: Email Contact