TGS announces joint venture agreement to acquire new Multi-Client 3D in Barents Sea
16 April 2015OSE
ASKER, NORWAY (16 April 2015) - TGS announces that it has signed a joint venture agreement with Dolphin Geophysical (DOLP) to acquire 4,500 km2 3D multi-client seismic survey over the western part of the Hammerfest Basin in the Barents Sea. The survey will provide industry with broadband data over APA acreage not previously covered by modern MC 3D. Successful exploration of remaining resources in this area could provide the key to commercial production developments in this part of the Barents Sea.
The new survey is based and planned on TGS' and Dolphin's existing data and G&G knowledge in this geographical area. The new project links the existing Dolphin's Gotha 3D survey with TGS' Finnmark Platform 3D surveys and will provide industry with seamless data coverage over large areas in the Western Barents Sea.
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, 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 JohansenChief Executive Officer
Tel: +1 832-667-4795
Will AshbySVP Investor Relations, HR & Communication
Tel: +1 713 860 2184