Houston, Texas and Asker, Norway (24 April 2007) - On April 2nd, 2007 TGS-NOPEC Geophysical Company ("TGS") notified investors that it had signed a definitive agreement to acquire all shares of Parallel Data Systems, Inc ("PDS"), subject to U.S. regulatory approval. TGS wishes to inform investors that the necessary Hart-Scott-Rodino application has now been submitted to authorities. Initial review of the application should occur within the next 30 days.
Due to unanticipated delays in submitting the application, TGS is now rescheduling its Capital Markets day from Thursday May 3rd in Houston to Thursday August 9th in Oslo. This will allow TGS to discuss in much greater detail its plans concerning PDS, the largest acquisition in the Company's history.
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 provides advanced depth imaging solutions and software through its TGS Imaging division. Well log data is available for conversion, sourcing, management and immediate delivery through TGS subsidiary, A2D Technologies. Multi-client interpretive products and subsurface consulting services are provided through the Company's Aceca subsidiary. 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.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO: TGS).
For more information about this news release, please contact:
Arne HellandChief Financial Officer
Tel: +47 66 76 99 31/+47 91 88 78 29
Email: arne.helland@tgsnopec.no
John Adamick
VP, Business Development
Tel: 713 860 2100
Email: jada@tgsnopec.com