ASKER, NORWAY (12 November 2018) TGS announces a strategic collaboration with Axxis Geo Solutions (AGS) for multi-client ocean bottom node projects in the North Sea. The area of mutual interest covers the core part of the central North Sea up to and including the Utsira area. Under this agreement, the parties will work together to develop opportunities to co-invest in multi-client ocean bottom node projects. TGS will have a right to process all new node data acquired under this collaboration.
AGS is a Norwegian company focusing on the ocean bottom seismic market. The company has a proprietary technology-agnostic node handling system and is currently operating four vessels with more than 9,000 nodes. The AGS management team has experience of executing more than 100 surveys in over 20 countries. Their technology and capabilities are complementary to TGS multi-client experience, client relationships, existing data and subsurface knowledge in this region.
As part of this collaboration, TGS will join the 1,560 km2 Utsira node multi-client project which is currently being acquired by AGS in the Norwegian North Sea.
"E&P companies have for a long time recognized that ocean bottom nodes can deliver a significant uplift in data quality. Technology development and operational efficiencies are bringing costs down to a level where large-scale exploration node surveys are becoming an attractive option to support exploration and drilling decisions. This is TGS' second ocean bottom node announcement related to 2019 investments and we are excited by the momentum that we see in this market," commented Kristian Johansen, CEO, TGS.
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 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:
Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Email: sven.larsen@tgs.com
Will Ashby
SVP Investor Relations, 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)