Naersnes, Norway, June 3, 2003 - TGS-NOPEC Geophysical Company today announced it has received all federal and provincial authorizations necessary to initiate acquisition of its 2003 season multi-client 2D seismic survey campaign located offshore Newfoundland and Nova Scotia. Utilizing the Canadian-flagged vessel M/V Odin Explorer, TGS-NOPEC expects to complete field operations on the 2003 program within five to six months.
The 2003 Offshore Canada Program will supplement TGS-NOPEC's seismic coverage over key blocks included in Newfoundland's 2003 Call for Bids and will add approximately 12,000 kilometers to the Company's existing 45,000-kilometer comprehensive grid offshore Nova Scotia. Both survey areas are supported with oil industry pre-funding.
"We're pleased to continue supplying this market with new, high quality seismic data. Eastern Canada remains one of the most promising deepwater exploration arenas in the world," stated Kim Abdallah, Vice President of North & South America New Ventures.
To complement its extensive suite of seismic data products in the area, TGS-NOPEC and its subsidiary A2D Technologies also offer a complete collection of digital well log data from all 431 wells previously drilled in the eastern Canada offshore sector.
TGS-NOPEC is a leading global provider of multi-client geoscience data and associated products and services to the oil and gas industry. TGS-NOPEC specializes in the planning, acquisition, processing, interpretation and marketing of non-exclusive seismic surveys worldwide. A2D Technologies, a wholly owned subsidiary, pioneered the delivery of digital well log data over the Internet and currently offers a one-of-a-kind integrated solution for well log data sourcing, well log data management, and well log correlation. The TGS-NOPEC group 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. These include
TGS-NOPEC's reliance on a cyclical industry and principal customers, the company's ability to continue to expand markets for licensing of data, and the company's ability to acquire and process data products at costs commensurate with profitability. Actual results may differ materially from those expected or projected. TGS-NOPEC undertakes no responsibility to update forward-looking statements.
TGS-NOPEC is listed on the Oslo Stock Exchange (OSLO:TGS). Web-site: www.tgsnopec.no
For additional information about this news release please contact:
J. Kim Abdallah, VP NSA New Ventures
Telephone: 1 713-860-2120
John Adamick, VP Business Development
Telephone: 1 713-860-2114
Arne Helland, CFO
Telephone: +47-31-29-20-00 / +47-91-88-78-29