Naersnes, Norway and Houston, Texas (April 27th, 2006) - TGS-NOPEC Geophysical Company (TGS) announced today that it will acquire a new multi-client 2D seismic program in the Sea of Okhotsk near Sakhalin Island in partnership with Dalmorneftegeofizika (DMNG). Based on strong pre-funding and industry interest, this season's program is targeted to be approximately 15,000 kilometers. TGS plans to commence acquisition in early July utilizing two vessels. DMNG will process the survey in its Yutzhno Processing Center and expects to deliver the final product by the first quarter of 2007. Upon completion, TGS and DMNG will have approximately 40,000 kilometers of modern 2D seismic coverage available to clients in the Sea of Okhotsk.
TGS also announced today that it has signed a charter agreement with Shanghai Offshore Petroleum Geophysical Corporation (SOPGC) to utilize the newly upgraded Discoverer 2 2D seismic research vessel. The charter agreement specifies a minimum 12-month term as well as two options for TGS extend the charter by six-month periods under the same commercial terms. The Company plans to utilize the vessel initially in the Sea of Okhotsk. TGS-NOPEC Geophysical Company (TGS) is a leading global provider of multi-client geoscientific data, associated products and services to the oil and gas industry. TGS specializes in the creation of non-exclusive seismic surveys worldwide. The Company provides advanced depth imaging solutions and software through its TGS Imaging division. Well log data is available for conversion, sourcing, management and immediate delivery through TGS subsidiary, A2D Technologies. Multi-client interpretive products and subsurface consulting services are provided through the Company's Aceca subsidiary. The TGS family of companies places a strong emphasis on providing high-quality data and the highest level of service to the industry.
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). For more information about this news release, please contact:
Kjell Trommestad VP & General Director, Europe Tel: +47 31 29 20 06 Email: firstname.lastname@example.org
Arne Helland Chief Financial Officer Tel: +47 31 29 20 33 Email: email@example.com
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