TGS Announces Commercial Agreement to Sell Fugro's 2D Multi-client Library

ASKER, NORWAY (18 March 2013) - TGS-NOPEC Geophysical Company ASA ("TGS") announces a commercial agreement to sell Fugro's 2D multi-client library. As a result of this agreement, Fugro provides TGS with an exclusive right to licence and market the majority of Fugro's multi-client 2D library and receive commission fees on the sales of this data. The agreement covers more than 1,000,000 km of seismic data in areas of great strategic interest for TGS...

ASKER, NORWAY (18 March 2013) - TGS-NOPEC Geophysical Company ASA ("TGS") announces a commercial agreement to sell Fugro's 2D multi-client library. As a result of this agreement, Fugro provides TGS with an exclusive right to licence and market the majority of Fugro's multi-client 2D library and receive commission fees on the sales of this data.   

The agreement covers more than 1,000,000 km of seismic data in areas of great strategic interest for TGS. While the brokerage agreement provides TGS with more data coverage in existing focus areas such as Northwest Europe, it also provides access to a broad range of new client contacts and exposure to seven new countries/areas where TGS is not active today.

This agreement is effective immediately.

 

Company summary     

TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide.  In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, permanent reservoir monitoring and data integration solutions.

For more information visit TGS online at www.tgs.com.

 

Forward-looking statements and contact information

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 additional information about this press release please contact:

Kristian Johansen
Chief Financial Officer
Tel: +47 47 60 33 34
Email: [email protected]

Will Ashby
Director Investor Relations and M&A

Tel: +1 713 860 2184
Email: [email protected]

Stein Ove Isaksen
Senior VP Eastern Hemisphere
Tel: +47 66 76 99 00
Email: [email protected]

 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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