Houston (17 September 2010) - TGS announced today that Sonangol has advised TGS that the negotiated right for TGS to acquire multi-client programs in Angola was terminated. TGS will continue to work with Sonangol to identify future business opportunities in Angola. "While we are disappointed that we will not be working in Angola in the near term, we look forward to being a part of future regional seismic campaigns in Angola" said Robert Hobbs, CEO of TGS.
Although the termination will have a limited negative effect on revenues for Q3 and Q4, TGS has received industry funding and is well positioned to expand its 3D coverage in the Africa Transform Margin region where it plans to conduct multiple surveys with the Fugro Geo-Caribbean. This vessel, originally expected for delivery in early September, has been delayed and will be available for TGS in late September for the Africa Transform Margin work. This region has been an active area for TGS in the past few years. To date the TGS Library has more than 20,000 km2 of multi-client 3D data in Sierra Leone and Liberia.