Press Releases

TGS comments on Wide Azimuth project interruption

Houston (3 May 2010) - TGS states that the recent rig fire and subsequent spill in the Gulf of Mexico on Mississippi Canyon block 252 is located within the boundaries of the TGS Justice Wide Azimuth (WAZ) survey.

The Justice WAZ survey began in January of 2010 and was anticipated to complete midyear 2010. The acquisition was temporarily halted on 20 April 2010 when all nearby vessels were called to aid in the rig accident. After being released by the coast guard less than 24 hours later, the vessels re-initiated data acquisition in the Justice WAZ survey and operations continued until the morning of 30 April 2010.
On 30 April 2010 the Coast Guard established a vessel exclusion zone in the area of the resulting oil spill. Due to safety concerns, the WAZ crew was advised to leave the current survey area in order to allow complete access for the ongoing spill containment and dispersant efforts. 

On 30 April 2010, TGS moved the WAZ crew into an adjacent project area away from the exclusion zone. It is planned that the WAZ crew will continue to acquire multi-client data in this nearby area until more information regarding the duration of the cleanup effort is available. Although it is TGS' intention to return to the Justice project as soon as conditions allow, this incident is expected to affect the timing of the completion of the ongoing Justice WAZ Survey. Management will issue updates as conditions change.

The TGS core values include responsibility to the environment and the safety of personnel involved in its operations. TGS will fully comply with all restrictions established in relation to this tragic incident and seek to assist wherever possible.

About TGS

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.

Sven Børre Larsen

Sven Børre Larsen

Chief Financial Officer

Tel: +47 90 94 36 73

Ellen Munkvold

Ellen Munkvold

IR Coordinator

Tel: +47 97 76 26 25