Houston, Texas (February 8, 2005) - TGS-NOPEC Geophysical Company ("TGS") announced today that it has secured additional client pre-funding and will expand again its ongoing Gulf of Mexico multi-client 3D seismic survey referred to as Deep Resolve. Located in the heart of the deep gas exploration trend, the project is now double its originally announced size and covers an equivalent area of 400 OCS blocks (8400 square kilometers) in the Ship Shoal, South Timbalier, Grand Isle and Ewing Bank areas of offshore Louisiana (see map).
Acquisition of the enlarged project is now expected to be completed in July 2005. Deliveries of processed Deep Resolve pre-stack time migrated data commenced in January 2005. Regular shipments of data will be made over the next few months. The previously announced pre-stack depth migration of Deep Resolve utilizing TGS Imaging's latest wave equation depth imaging techniques is also progressing on schedule.
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 also provides advanced depth imaging solutions and software through its TGS Imaging division. A2D Technologies, a wholly-owned subsidiary, is the energy industry's well log data marketplace offering the largest online database, immediate delivery, conversion services, data management services and worldwide well log data sourcing. 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.
For additional information about this news release please contact:
Kim Abdallah
VP, NSA New Ventures
Tel: 713 860 2120
Email: jkima@tgsnopec.com
John Adamick
VP, Business Development
Tel: 713 860 2114
Email: jada@tgsnopec.com
Arne Helland
Chief Financial Officer
Tel: +47 31 29 20 33
Email: arne.helland@tgsnopec.no
