TGS Acquires Directional Survey Business and Signs Well Header Sharing Agreement
(Thomson Reuters ONE) -
HOUSTON (15 June 2010) - TGS announced today that its Geological
directional survey business of P2 Energy Solutions' Tobin business line. The
agreement includes the purchase of P2's existing database of over 38,000 high
quality directional surveys and incorporates ongoing client initiated programs
in several key regions. Directional surveys are a summary of geometric
information that provides a detailed 3D view of a well's path in the subsurface.
As part of the directional survey transaction, TGS and P2 signed a separate
agreement to share certain well header information in the US. Well headers
contain basic metadata including, but not limited to, a well's general location,
name, and depth.
John Adamick, Senior Vice President of the TGS Geologic Products division said,
"We are very happy to conclude this transaction. P2's Tobin Map Data is well
known for its high quality directional survey processing and they bring a wealth
of expertise to help TGS grow this division of the business. The transaction
provides TGS with a large number of surveys that can be sold immediately through
our LOG-Line Plus!
These directional surveys are a natural companion to our industry-leading
digital well log database. Additionally, the well header sharing arrangement
allows TGS to maintain our long-standing relationship with P2 and for
standardization of basic well information between the companies."
"The transfer of the directional well survey business will allow us to invest
more in our industry leading surface data products," stated Bret Bolin, Chief
Executive Officer of P2 Energy Solutions. "Our 3,000 Tobin data customers will
have access to new geographic regions, expanded data in existing regions and
technological enhancements to our core offerings. In addition, they will also
benefit from the agreement between P2 Energy Solutions and TGS to share well
header information in the US."
Company summary
TGS-NOPEC Geophysical Company (TGS) provides global geoscience data products and
services to the oil and gas industry for the exploration and delineation of
hydrocarbon reserves. We design and acquire multi-client data projects
worldwide that make up our data library of seismic, gravity/magnetic and well
data, enhanced by our seismic imaging technology and regional interpretation
expertise. Visit TGS online at www.tgsnopec.com
Forward looking statements & contact information
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 products 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.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange
(OSLO:TGS).
For additional information about this news release please contact:
Karen El-Tawil
VP, Business Development
Office: +1 713 860 2102
Cell +1 713 806 2420
Email:karen.el-tawil(at)tgsnopec.com
John Adamick
Sr. VP, TGS Geologic Products
Office: +1 713 860 2114
Email:john.adamick(at)tgsnopec.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1423836]
Unternehmensinformation / Kurzprofil:
Datum: 15.06.2010 - 07:50 Uhr
Sprache: Deutsch
News-ID 22429
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"TGS Acquires Directional Survey Business and Signs Well Header Sharing Agreement"
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