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TGS-NOPEC (OSL:TGS) Asker, Norway (9 September 2008) - TGS-NOPEC Geophysical Company ASA (TGS) announced today that it has signed a mutually binding letter of intent to enter into a contract with Bergen Oilfield Services AS (BOS) for the recently converted M/V BOS Arctic 3D seismic vessel. The contract begins in November 2008 and lasts for a minimum period of 12 months with an option for TGS to contract one of BOS's 3D vessels for another 12 month period under the same commercial terms. The BOS Arctic has already successfully completed two projects since her launch in June 2008.
With this agreement TGS will have three 3D vessels under charter for all or part of 2009. TGS currently expects the BGP Pioneer 3D vessel to be off charter for approximately the first nine months in 2009, before returning for another nine months of charter time beginning in the autumn of 2009.
Robert Hobbs, TGS Chief Operating Officer, commented, "We look forward to using the BOS Arctic to grow our 3D seismic library over the next two years and are excited to be working with the experienced team in Bergen Oilfield Services."
TGS-NOPEC Geophysical Company (TGS) is a principal resource for global geoscientific data products and services in the E&P industry. TGS specializes in the design, acquisition and processing of multi-client seismic surveys worldwide and delivers advanced high performance seismic imaging and software solutions. The Company also provides the world's largest online well-log database, well data management services, multi-client interpretive products and subsurface consulting services to industry. The suite of integrated exploration data products available from TGS is distinctive and unmatched. The Company philosophy is to create unique high-quality data collected in the right place at the right time.
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 Tel: +1 713 860 2102 Email: karen.el-tawil@tgsnopec.com
