Covid-19 notice
In light of the rapidly changing situation relating to Covid-19, TGS is planning for several contingency scenarios for its ongoing and planned operations. Our top priority remains the health & safety of our workforce and we will take guidance from appropriate parties to amend the activities of onshore and offshore personnel and adjust timelines of projects accordingly.
Asker, Norway (2 April 2020) – TGS, a leading provider of multi-client geoscience data for exploration & production (E&P) companies, today announced that it will be commencing the Atlantic Margin 20 (AM20) 3D multi-client project as soon as the marine seismic acquisition season gets underway in north-west Europe this summer.
The survey will be acquired by the Polarcus Adira, which has an acquisition specification fully optimized for high lateral resolution recording and with two 11-kilometer streamers for full waveform inversion (FWI). Fast-track data will be available in Q4 2020, with final PSTM product delivery by Q3 2021 and final PSDM product delivery in April 2022.
This new 5,600-square kilometer survey will be undertaken over 90 days and is an extension of Atlantic Margin surveys acquired between 2017 and 2019. AM20 covers the newly awarded PL1057 license in the Norwegian Sea and extends West into open acreage where there are indications of particularly interesting structural prospects.
Kristian Johansen, CEO at TGS, said: “Since 2017, we have had a particular focus on the Norwegian Sea area of the Atlantic Margin to meet the demands of our customers and their license round requirements. AM20 is the latest extension of these surveys and demonstrates our desire to continue to acquire data in areas with high exploration potential that will support our E&P partners.”
This project is supported by industry funding.
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.
Forward Looking Statement
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.
For more information, visit TGS.com or contact:
Fredrik Amundsen, Chief Financial Officer, investor@tgs.com
Sven Larsen, EVP, Strategy & M&A, investor@tgs.com