ASKER (20 November 2014) - TGS announces that it has signed a Letter of Award (LOA) with Seabird Exploration to acquire up to 300,000 km of 2D seismic data over Mexico and US Atlantic waters. The LOA provides TGS access to charter up to six seismic vessels over a period of approximately 36 months. This activity is expected to commence in 2015 subject to the issuance of seismic acquisition permits from the relevant authorities.
"TGS is pleased to have secured customer funding and access to seismic vessels for the regional 2D activity that is targeted for 2015," stated Rod Starr, Senior VP Western Hemisphere for TGS. "There is a high level of oil company interest in Mexico and US Atlantic and we believe that these will be important regions for future exploration".
This announcement is further to a Letter of Intent issued 1 April 2014 for Mexico which was announced 2 April 2014.
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".
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 of Finance Western Hemisphere & Investor Relations
Tel: +1 713 860 2184
Email: will.ashby@tgs.com
Rod Starr
Senior VP Western Hemisphere
Tel: +1 713 860 2100
Email: Rod.Starr@tgs.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)