TGS announces new Multibeam project in U.S. Gulf of Mexico

ASKER, NORWAY--(Marketwired - Feb 2, 2017) - TGS announces the Otos multibeam and seep study project in the U.S. Gulf of Mexico.

Acquisition of the multibeam survey is underway and is the first stage of a seep and geochemistry program covering the U.S. Gulf of Mexico. The survey is designed to mirror the successful Gigante multibeam and seep study in the Mexican Gulf of Mexico, conducted in 2016. The new program will cover approximately 289,000 km² and include 250 cores with advanced geochemistry analysis. TGS will continue to work with the same acquisition providers as in the Mexico program, Fugro (Multibeam) and TDI Brooks (Coring and Geochemical analysis). Final results in all areas should be available in late 2017.

"The Otos multibeam and seep study will provide new insight into the distribution of different source rock geology throughout the U.S. Gulf of Mexico and link this in a consistent fashion to the recent successful survey in Mexico. This new project is in an area where TGS has a strong track record and a large complimentary data library", commented Kristian Johansen, CEO of TGS.

This project is supported by industry funding.

Company summary

TGS-NOPEC Geophysical Company (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.

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 principle 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).

TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY".