MMS Notification to Withdraw Award of Digital Well Data Processing Contract
September 4, 2003 (Oslo). TGS-NOPEC's subsidiary A2D Technologies has been notified by the U.S. Department of the Interior Minerals Management Service (MMS) that MMS is withdrawing its earlier notification of award of the digital well data processing contract.
TGS-NOPEC notified the Oslo Stock Exchange about the award on August 19th, 2003.
According to the MMS, the withdrawal is due to its misinterpretation of an internal report, not A2D's bid proposal. Due to the misinterpretation, MMS procedures require that all proposals be re-evaluated as previously submitted in their final form. The MMS did not provide a timetable as to how long the re-evaluation process would take.
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:
Arne Helland, CFO TGS-NOPEC Geophysical Co.
Telephone: +47-31-29-20-00 / +47-91-88-78-29
arne.helland@tgsnopec.no
Rod Starr, VP Sales A2D Technologies
Telephone: 1-713-860-2152
rstarr@a2d.com