SOURCE: TGS

TGS

October 19, 2015 08:50 ET

TGS Reaches 25% Acquisition Progress Mark on Gigante Seismic Program, Commences Gigante Multibeam in Mexico

HOUSTON, TX--(Marketwired - Oct 19, 2015) - TGS announced that it has acquired 46,500 kilometers (25%) of the 186,000 km 2D seismic project, Gigante. The survey is being acquired with four Seabird vessels and the fifth vessel, m/v Aquila, will join the survey in early November. Gigante covers the entire deep water area of the offshore sector of Mexico and ties into TGS seismic data acquired in the US Gulf of Mexico. Completion of the survey is expected in the second quarter of 2016. Delivery of the fast track products began in September this year.

TGS has received the environmental impact resolution from the Mexican Authorities for its multibeam survey and will shortly commence acquisition in Mexico. This survey ties into the recently completed multibeam program in the US Gulf of Mexico. Completion of the Gigante multibeam project is expected in the fourth quarter of 2016. Maps for both surveys can be found here.

"TGS' unique and comprehensive geoscience package will be an essential tool for E&P companies in their drive for hydrocarbon exploration and development success in offshore Mexico" -- comments Katja Akentieva, Sr. Vice President, Western Hemisphere, TGS.

These surveys are supported by industry funding.

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, 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