SOURCE: TGS-NOPEC Geophysical Company

TGS-NOPEC Geophysical Company

May 21, 2012 08:00 ET

TGS Commences Two Multi-Client 2D Surveys in Northwest Europe

ASKER, NORWAY--(Marketwire - May 21, 2012) - TGS has commenced the Europe 2012 summer season with two multi-client 2D surveys in cooperation with Fugro; North Sea Renaissance 2012 (NSR12) and Norwegian Barents Sea 2012 (NBR12). The NSR12 survey is 8,200 km and is a regional infill West of Shetland. The NBR 12 survey is 12,000 km and is a regional infill in the Barents Sea.

With these projects, TGS will continue to systematically build on the successful regional long offset database in the United Kingdom West of Shetlands and the Norwegian Barents Sea. Upon completion of the 2012 acquisition season, the long offset grid will total more than 300,000 km. The new long offset projects together with the previous year's programs will be important for companies in the early exploration phase as well as for license round preparation in both Norway and the UK.

The NSR12 survey is being acquired by the M/V Akademik Shatskyi and will be processed by TGS. The NBR12 survey is being acquired by the M/V Osprey Explorer and will be processed by both TGS and Fugro. Data will be available to clients during Q1 2013.

These surveys are supported by industry funding.

Company summary

TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data and services to oil and gas Exploration and Production companies around the globe. TGS' geophysical and geological data products include multi-client seismic libraries, permanent reservoir monitoring, magnetic and gravity data, the industry's largest global database of digital well logs and regional interpretive products. TGS also provides high-end depth imaging services to help resolve complex seismic imaging problems. 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).

Contact Information

  • For additional information about this press release please contact:

    Kristian Johansen
    Chief Financial Officer
    Office: +47 66 76 99 00
    Cell: +47 47 60 33 34
    Email: Email Contact

    Karen El-Tawil
    VP, Business Development
    Office: +1 713 860 2102
    Cell: +1 713 806 2420
    Email: Email Contact

    Stein Ove Isaksen
    Senior VP Eastern Hemisphere
    Tel: +1 713 860 2111
    Email: Email Contact