TGS expands 3D multi-client electromagnetic coverage in the Barents Sea

08 May 2014OSE

ASKER, NORWAY (8 May 2014) - TGS and Electromagnetic Geoservices ASA (EMGS) have agreed to further expand the Companies' previous cooperation agreement in the Barents Sea.  TGS will partner with EMGS to acquire electromagnetic (EM) data over four additional blocks in the Hoop area of the Barents Sea to bring its total joint ownership of multi-client EM data in this area to 21 blocks. In addition the Companies will jointly invest in EM data acquisition over 14 new blocks in the southeastern Barents Sea.

The new 3D EM data will be acquired by the M/V Atlantic Guardian.  Data will be available to clients through both EMGS and TGS.  

"TGS and EMGS are pleased to expand their cooperation in the Barents Sea," commented Stein Ove Isaksen, Senior VP Eastern Hemisphere for TGS.  "We believe that high quality, integrated EM and seismic data will be very valuable for oil companies participating in the 23rd Norwegian licensing round."

The survey is supported by industry funding.



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.



Kristian Johansen
Chief Executive Officer
Tel: +1 832-667-4795

Will Ashby
SVP Investor Relations, HR & Communication
Tel: +1 713 860 2184

Stein Ove Isaksen
Senior VP Eastern Hemisphere
Tel: +47 66 76 99 00