ASKER, NORWAY (29 May 2018) - TGS and Petroleum Geo-Services ("PGS") announce a new multi-client project in the Barents Sea. The new Nansen 3D Geostreamer® survey will cover ~6,100 km² in an active APA area of the Hammerfest Basin. Acquisition is expected to commence late May and is due to be completed in September 2018. The project is designed to improve the imaging of the known fields and discoveries, and allow identification and development of new targets in both mature and new plays. The survey area contains shallow targets on the basin flanks and platforms, with deeper exploration potential elsewhere in the basin.
"Nansen 3D will expand TGS' data coverage in the Barents Sea where we have a strong track record of success. This project will provide modern, high quality seismic data to an area that is highly relevant for exploration in the current and upcoming APA rounds," said Kristian Johansen, CEO, TGS.
PGS' Ramform Atlas will tow an ultra-high-density 3D configuration with a 16 x 56.25 m x 7,000 m setup. Three of the streamers are towed with 10 km offsets for optimized performance of full waveform inversion (FWI). The acquisition design is tailored to fully utilize the potential of an advanced PSDM and FWI processing workflow.
Data processing will be performed by TGS using its Clari-Fi(TM) broadband technology. Fast-track data will be available in Q1 2019 with final data in Q4.
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, 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 principle 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:
Sven Børre Larsen Chief Financial Officer Tel: +47 90 94 36 73 Email: sven.larsen@tgs.com
Will Ashby VP HR & Communication 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)
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