TGS continues to build backlog with three new multi-client surveys
31 July 2014 - 3:50PM
ASKER (31 July 2014) - TGS announces three new
multi-client surveys; a 3D survey offshore Australia, a 2D survey
offshore New Zealand and a 3D survey in the West of Shetland
region.
Nerites Season 2 is the largest 3D survey TGS has
acquired to date in the Asia Pacific region and will cover 13,000
km2 in the Great
Australian Bight. The project represents the second season of the
Nerites 3D seismic program commitment over blocks EPP44 and EPP45,
which are mainly located in the Bight's deep water Ceduna
Sub-basin. Upon completion of this survey, the TGS total
portfolio of 3D multi-client coverage offshore Australia will
exceed 43,000 km2. Data
acquisition is expected to commence in Q4 2014 or Q1 2015 and will
be acquired by Dolphin Geophysical. Data processing will be
performed by TGS using its proven proprietary broadband technology,
Clari-FiTM, and final
data will be available to clients in Q2 2016.
In the same Asia Pacific region, TGS has commenced
the regulatory approval process to undertake a 17,000 km 2D
multi-client survey within the Reinga, Northland and Taranaki
basins, offshore Northwest New Zealand. Subject to regulatory
approvals, the survey is proposed to commence Q4 2014 and run to Q2
2015. Data will be acquired by the M/V Aquila Explorer and data
processing will be performed by TGS.
TGS will finalize the 2014 European acquisition
season with a new 3D survey West of Shetland covering 900
km2. This survey
will tie into TGS' existing 3D library in the region, bringing the
total volume of recent TGS 3D data in the area to more than 18,400
km2. The
seismic data will be acquired by the M/V Naila towing 12 streamers
at 6,000 m cable length. Data processing will be performed by TGS
using its proven proprietary broadband technology,
Clari-FiTM, and final
data will be available to clients in Q2 2015.
"Our backlog continues to be near an all-time high level and we
are pleased to see customer commitments supporting our continued
growth. The new surveys announced today confirm our strong position
among key clients in hydrocarbon-rich regions with great future
potential," TGS' CEO Robert Hobbs stated.
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 Finance Western Hemisphere & Investor
Relations
Tel: +1 713 860 2184
Email: will.ashby@tgs.com
This information is subject of the disclosure
requirements acc. to §5-12 vphl (Norwegian Securities Trading
Act)
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: TGS via Globenewswire
HUG#1844230
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