TGS AND PGS ANNOUNCE FOURTH 3D SEISMIC PROJECT OFFSHORE EASTERN CANADA

ASKER, Norway, May 26 (Bernama-GLOBE NEWSWIRE) -- TGS and Petroleum Geo-Services (“PGS”) announce the fourth 3D seismic project offshore Eastern Canada for 2017. Long Range 3D will comprise approximately 9,100 km²of 3D GeoStreamer® data in the Eastern Newfoundland region. The survey covers open acreage which will be included in the November 2018 licensing round under Newfoundland and Labrador’s Scheduled Land Tenure system.

Following completion of these surveys, the jointly-owned library will have more than 175,000 km of 2D GeoStreamer data and 28,500 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.

“With four 3D projects now committed for 2017 this will be our most active year ever in Newfoundland and Labrador. E&P companies are continuing to prioritize this region in their exploration strategies and we are well placed to support them as they prepare for future licensing rounds," commented Kristian Johansen, CEO of TGS.

“Our increased data library coverage in the Newfoundland Labrador region will be of benefit for oil companies exploring this high potential area. We will operate three 3D vessels and one 2D vessel offshore East Canada this year, which is more than ever before and reflects high customer interest,” says Jon Erik Reinhardsen, President & CEO of PGS.

This project is supported by industry funding.

A PDF accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/78badda3-e25c-4785-afa4-b2cd40b0d9bc

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

SOURCE : TGS

--BERNAMA