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TGS Signs Letter of Intent for 3D Vessel

Mon, 17 Dec 2012 02:33:08 EST

ASKER, NORWAY – TGS announces that it has signed a Letter of Intent with Dolphin Geophysical AS to charter the 16 streamer new build vessel, M/V Sanco Swift, for 3D multi-client projects in Europe during the 2013 summer season. The charter will begin in July and last for approximately three months.

The details of the individual projects to be completed under this charter will be announced separately.

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, permanent reservoir monitoring 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.

TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO:TGS).


Source: WebWire



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