TGS Updates 2010/2011 Offshore Africa Seismic Campaign
(Thomson Reuters ONE) -
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.
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 and 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
Kristian Johansen
Chief Financial Officer
Cell: +47 47 60 33 34
Email:kristian.johansen(at)tgsnopec.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1444983]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: TGS via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 17.09.2010 - 07:55 Uhr
Sprache: Deutsch
News-ID 42701
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