TGS announces U.S. Gulf of Mexico Shelf collaboration agreement with FairfieldNodal

07 August 2014OSE

HOUSTON, TEXAS (7 August 2014) - TGS announces a multi-year collaboration agreement with FairfieldNodal to develop, plan and execute multi-client Full Azimuth Nodal (FANTM) seismic surveys across a substantial area within the U.S. Gulf of Mexico shelf region.  This initiative will combine FairfieldNodal's proven Ocean Bottom Node (OBN) Z700 technology and operating experience with TGS' leading imaging solutions and long history as a leading data provider in the Gulf of Mexico. The terms of the collaboration provide a solid platform under which TGS will offer industry leading seismic data solutions to support the re-emergence of the shelf region.

"Ocean bottom data acquisition offers a step-change in the seismic image that we can provide to our customers in this area," stated Rod Starr, Senior VP Western Hemisphere for TGS. "This new full azimuth, long-offset data will support existing production delineation and enhance long term exploration. TGS is committed to deploying the latest technologies to cement its position as a leading provider of multi-client geoscience data.

"We are excited to work with the TGS team to deliver modern ocean bottom data and continue to lead the industry with advanced deployment and application of OBN technology," stated Joe Dryer, VP FairfieldNodal.

The details of the individual projects to be completed under this agreement will be announced separately.

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.

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 product 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.