Yahoo Finance TGS and PGS announce more 3D multi-client acquisition Offshore East Canada
ASKER, NORWAY (11 June 2018) - TGS and Petroleum Geo-Services ("PGS") announce that a second vessel, the Ramform Sterling, will be allocated to the 2018 East Canada acquisition program. This vessel will acquire a minimum 2,700 km2 of 3D seismic, including additional data within the 2017 Harbour Deep and Cape Broyle 3D survey outlines. Acquisition is expected to complete in Q3 2018.
Following this eighth consecutive season of data acquisition offshore East Canada, the jointly-owned library will have more than 175,000 km of 2D GeoStreamer data and approximately 40,000 km2 of 3D GeoStreamer data. An expansive well log library is also available in the region, along with advanced multi-client interpretation products that will improve play, trend and prospect delineation.
Pre-processing of the initial GeoStreamer signal will be performed by PGS onboard the Ramform Sterling, following which TGS will perform data processing using its Clari-FiTM broadband technology. Fast-track data will be available in Q1 2019 with final data in Q2 2019.
This project is supported by industry funding.
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 (TGS.OL).
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 & Communications
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 Corporate Solutions on behalf of Nasdaq 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#2198396
