TGS Expands 3D Multi-Client Electromagnetic Coverage in the Barents Sea
ASKER, NORWAY -- (Marketwired) -- 05/08/14 -- TGS and
Electromagnetic Geoservices ASA (EMGS) have agreed to further expand
the Companies' previous cooperation agreement in the Barents Sea. TGS
will partner with EMGS to acquire electromagnetic (EM) data over four
additional blocks in the Hoop area of the Barents Sea to bring its
total joint ownership of multi-client EM data in this area to 21
blocks. In addition the Companies will jointly invest in EM data
acquisition over 14 new blocks in the southeastern Barents Sea.
The new 3D EM data will be acquired by the M/V Atlantic Guardian.
Data will be available to clients through both EMGS and TGS.
"TGS and EMGS are pleased to expand their cooperation in the Barents
Sea," commented Stein Ove Isaksen, Senior VP Eastern Hemisphere for
TGS. "We believe that high quality, integrated EM and seismic data
will be very valuable for oil companies participating in the 23rd
Norwegian licensing round."
The survey is supported by industry funding.
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
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
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".
For additional information about this press release please contact:
Chief Financial Officer
Cell: +47 47 60 33 34
Director Finance Western Hemisphere & Investor Relations
Tel: +1 713 860 2184
Stein Ove Isaksen
Senior VP Eastern Hemisphere
Tel: +47 66 76 99 00
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