SOURCE: TGS

TGS

July 31, 2014 08:00 ET

TGS Continues to Build Backlog With Three New Multi-Client Surveys

ASKER, NORWAY--(Marketwired - Jul 31, 2014) - TGS announces three new multi-client surveys: a 3D survey offshore Australia, a 2D survey offshore New Zealand and a 3D survey in the West of Shetland region.

Nerites Season 2 is the largest 3D survey TGS has acquired to date in the Asia Pacific region and will cover 13,000 km2 in the Great Australian Bight. The project represents the second season of the Nerites 3D seismic program commitment over blocks EPP44 and EPP45, which are mainly located in the Bight's deep water Ceduna Sub-basin. Upon completion of this survey, the TGS total portfolio of 3D multi-client coverage offshore Australia will exceed 43,000 km2. Data acquisition is expected to commence in Q4 2014 or Q1 2015 and will be acquired by Dolphin Geophysical. Data processing will be performed by TGS using its proven proprietary broadband technology, Clari-Fi™, and final data will be available to clients in Q2 2016.

In the same Asia Pacific region, TGS has commenced the regulatory approval process to undertake a 17,000 km 2D multi-client survey within the Reinga, Northland and Taranaki basins, offshore Northwest New Zealand. Subject to regulatory approvals, the survey is proposed to commence Q4 2014 and run to Q2 2015. Data will be acquired by the M/V Aquila Explorer and data processing will be performed by TGS.

TGS will finalize the 2014 European acquisition season with a new 3D survey West of Shetland covering 900 km2. This survey will tie into TGS' existing 3D library in the region, bringing the total volume of recent TGS 3D data in the area to more than 18,400 km2. The seismic data will be acquired by the M/V Naila towing 12 streamers at 6,000 m cable length. Data processing will be performed by TGS using its proven proprietary broadband technology, Clari-Fi™, and final data will be available to clients in Q2 2015.

"Our backlog continues to be near an all-time high level and we are pleased to see customer commitments supporting our continued growth. The new surveys announced today confirm our strong position among key clients in hydrocarbon-rich regions with great future potential," TGS' CEO Robert Hobbs stated.

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