SOURCE: TGS-NOPEC Geophysical Company

TGS-NOPEC Geophysical Company

February 25, 2010 08:00 ET

TGS Exercises Option for 3D Vessel Charter

ASKER, NORWAY--(Marketwire - February 25, 2010) -  TGS announced today that it has exercised the option to extend the charter for the Polarcus Nadia for a 6 month period following the completion of the initial program in the charter, expected to be in May 2010.

A second 6 month option for the vessel remains in full effect and would follow this extension if ultimately exercised by TGS.

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.

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
    Tel: +1 713 860 2102
    Email:Email Contact

    Arne Helland
    Chief Financial Officer
    Tel: +47 66 76 99 31/+47 91 88 78 29
    Email:Email Contact