Naersnes, Norway and Houston, Texas (January 4th, 2006) - TGS-NOPEC Geophysical Company ASA (TGS) has successfully concluded its acquisition of privately held Aceca Limited (Aceca). The transaction, previously announced on September 16th, significantly broadens the TGS geoscience knowledge base and will add new multi-client interpretive products and subsurface interpretation consulting services to the TGS product line. Final consideration paid for Aceca included $10.25 million in cash and 71,333 TGS shares, some of which have restrictions as to when they can be sold. No new TGS shares were issued for this transaction.
The Aceca transaction is effective as of January 1st. In calendar year 2005, Aceca had revenue (unaudited) of approximately GBP 5.4 million (~$9.3 million) and was profitable. The transaction will add to TGS' growth and profitability in 2006 and onwards.
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.
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:
John Adamick
VP, Business Development
Tel: 713 860-2100
Email: jada@tgsnopec.com