Press Releases

TGS Launches AI Platform and Data Management Solution for Major IOC

ASKER, NORWAY (01 May 2019) – TGS’ Data & Analytics Business Unit, formed at the end of 2017 and designed to revolutionize understanding of the subsurface using artificial intelligence, is announcing three major milestones.

TGS has signed an agreement with a major international oil company to perform cloud-based data management services leveraging TGS’s first-in-class Data Lake platform. This service will allow exploration & production (E&P) companies to reduce cycle times from purchase to value creation through on-demand data delivery, while also streamlining their data management processes. This is the first step of the E&P industries’ digital transformation and a necessary condition before large-scale artificial intelligence (AI) can be applied to sub-surface datasets.

TGS has developed a breakthrough machine learning (ML) algorithm for Salt Model Building, called SaltNet. SaltNet is a combined product, the result of the recent TGS Kaggle Salt Challenge and internal development. The application of SaltNet will significantly reduce the imaging cycle time for complex salt basins. SaltNet will be applied commercially in the imaging of TGS’s ongoing outboard Campos 3D project.

Tomorrow, TGS will launch a new section on the Company’s corporate website that will host its AI initiatives. This cloud-native platform for analytics and data management will provide both insight into TGS' analytics solutions, as well as a portal through which customers can leverage those algorithms into their workflows. TGS is dedicated to building modern light-weight, web-based machine learning services to solve sub-surface challenges using our vast data library.

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