TGS-NOPEC establishes Russian subsidiary, opens office in Moscow
26 September 2006OSE
Naersnes, Norway (26 September, 2006) - TGS-NOPEC Geophysical Company (TGS) announced today that it has formed a Russian subsidiary and opened an office in Moscow. TGS NOPEC Geophysical Company Moscow Limited is located at Donskaya Street, 4, Building 3, Office 206, Moscow, Russian Federation. The subsidiary will market existing 2D seismic data and well log information in Russia to prospective clients and will promote the generation of new geoscientific data sets to aid in future exploration of the country.TGS and its partners currently have over 100,000 kilometers of legacy 2D seismic, more than 30,000 kilometers of modern seismic, and 16 geologic studies available for license to clients. The company also markets approximately 5,000 well logs and over 50,000 well reports in Russia. Click here to view map.
"An office in Moscow, capital of the country believed to have the highest undiscovered hydrocarbon resource potential in the world, is an important step for the future growth of TGS", stated Kjell E. Trommestad, VP & General Director, Europe/Russia.
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).
John AdamickSenior VP, Geological Products and Services
Tel: +1 713 860 2100