TGS Commences Expansion of Multi-Client 2D Database in Northeast Greenland

ASKER, NORWAY--(Marketwire - Aug 16, 2012) - TGS has commenced expansion of a 2D multi-client survey covering 3,000 km in Northeast Greenland in partnership with Fugro. 

The survey, NEG12, will enable customers to prepare for the announced Greenland Licensing Round in 2012/2013 and will be a significant addition to a data set that TGS and Fugro have been growing since 2008. With this year's data acquisition, TGS will be able to offer approximately 7,500 km of multi-client 2D data, a large volume of reprocessed multi-client 2D data and full coverage of aeromagnetic/gravity data over and adjacent to the basins that are included in the announced licensing round.

The seismic data is being acquired by the M/V Akademik Shatskiy supported by the ice breaker M/V Viking Balder. A helicopter is being utilized for ice density monitoring. The survey is scheduled to complete during Q3 2012. Data processing will be performed by TGS and data will be available to clients before the 15 December application deadline of the first licensing round in these waters.

The survey is supported by industry funding.

Company summary

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. For more information visit TGS online at www.tgs.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).