SOURCE: TGS

TGS

February 11, 2014 01:50 ET

TGS Signs Letters of Award for Two Vessels

ASKER, NORWAY--(Marketwired - Feb 11, 2014) - TGS announces that it has signed a Letter of Award with WesternGeco to charter the high capacity 12 streamer vessel M/V Geco Eagle for 3D multi-client projects in Northwest Europe during the 2014 summer season. The charter will begin on or before 01 April 2014 and last for three months with an option to extend for a further three month period. This charter replaces a six month option for another 3D vessel that will not be utilized.

TGS also announces that it has signed a Letter of Award with SMNG to charter the vessel M/V Akademik Shatskiy for 2D multi-client projects. This six month charter will commence on 01 April 2014.

To review the updated vessel and crew capacity secured for 2014 click here.

The details of the individual projects to be completed under these charters will be announced separately.

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
    Tel: +47 47 60 33 34
    Email: kristian.johansen@tgs.com

    Will Ashby
    Director Investor Relations and M&A
    Tel: +1 713 860 2184
    Email: will.ashby@tgs.com