Press Releases

TGS and PGS announce Lewis Hills 3D multi-client project in Offshore East Canada

ASKER, NORWAY (July 27, 2018) - TGS and PGS announce the commencement of a new 3D multi-client project in East Canada. The Lewis Hills 3D Geostreamer® survey will cover approximately 3,400 km² in an active Newfoundland area of the Flemish Pass Basin. Data will be acquired using the PGS Ramform Sterling.  As previously announced, this vessel will also acquire approximately 2,700 km2 of additional data on the 2017 Harbour Deep and Cape Broyle 3D survey outlines.  Acquisition is expected to complete in late Q3 to early Q4 2018.

Following this eighth consecutive season of data acquisition offshore East Canada, the jointly-owned library will have more than 175,000 km of 2D GeoStreamer data and approximately 43,000 km2 of 3D GeoStreamer data.  An expansive well log library is also available in the region, along with advanced multi-client interpretation products that will improve play, trend and prospect delineation.

"East Canada continues to see a high level of customer interest.  E&P companies are attracted by the high prospectivity of the area which is supported by a transparent and regular licensing round schedule.  We are now establishing a significant 3D seismic footprint over large parts of our regional 2D seismic grid.  This is complemented by our expansive library of well log data and interpretive products," said Kristian Johansen, CEO, TGS.

Pre-processing of the initial GeoStreamer signal will be performed by PGS onboard the Ramform Sterling, following which TGS will perform data processing using its Clari-Fi™ broadband technology. Fast-track data will be available in Q1 2019 with final data in Q2 2019. The survey area will be seamlessly merged with the southern border of the Long Range 3D project acquired in 2017.

This project is supported by industry funding.

LH

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.

Larsen-Sven-Borre_Hart_151022_0047(1)

Sven Børre Larsen

Chief Financial Officer

Tel: +47 90 94 36 73