TGS Acquires Exclusive Sales Rights to Reprocessed Seismic
DataTGS Exclusive Tokking Surveys, Coverage of 2D Programs Norwegian Sea (Graphic: Business Wire)TGS Exclusive Tokking Surveys, 2D Programs Norwegian Barents Sea (Graphic: Business Wire)
OSLO, Norway--(BUSINESS WIRE)--Dec. 6, 2005 TGS-NOPEC Geophysical Company ASA (TGS) announced today that it has concluded an agreement with Tokking Surveys AS for the exclusive sales rights to approximately 131,000 kilometers of reprocessed 2D seismic in the Norwegian Sea and Barents Sea, offshore Norway. The surveys consist of reprocessed data vintages ranging from 1997 to 2005, and are complementary to TGS's existing data library in Norway. These data, including a detailed interpretation, offers a cost effective and quick start to exploration of the Norwegian and the Barents Sea for newcomers in particular. TGS paid NOK 11,0 million for the rights. As TGS and Tokking Surveys have collaborated on a number of reprocessing projects since 2000, TGS already had an approximate 45% interest in 70,000 kilometers of the Tokking marketed surveys prior to this transaction.
See map of Norwegian Sea data coverage:
See map of Norwegian Barents Sea data coverage:
TGS-NOPEC Geophysical Company (TGS) is a leading global provider of multi-client geoscientific data, associated products and services to the oil and gas industry. TGS specializes in the creation of non-exclusive seismic surveys worldwide. The company also provides advanced depth imaging solutions and software through its TGS Imaging division. A2D Technologies, a wholly-owned subsidiary, is the energy industry's well log data marketplace offering the largest online database, immediate delivery, conversion services, data management services and worldwide well log data sourcing. The TGS family of companies places a strong emphasis on providing high-quality data and the highest level of service to the industry.
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: TGS-NOPEC Geophysical John Adamick, 713-860-2100 Email: email@example.com or Arne Helland, +47 31 29 20 33 Email: firstname.lastname@example.org or Kjell E. Trommestad, +47 31 29 20 06 Email: email@example.com