ASKER, Norway (20 December 2019) – TGS, along with its joint venture partner PetroData, is pleased to announce Nigeria’s first regional multi-client Multibeam and Seafloor Sampling (MB&SS) Study.

The study will cover an area of approximately 80,000 square kilometers of the offshore Niger Delta and will incorporate around 150 cores from the seabed,whose location is based on multibeam backscatter anomalies. Much of this area is also covered by TGS’ NGRE19 2D seismic data that was reprocessed earlier in 2019 to take advantage of the latest seismic imaging techniques. Final results of the new MB&SS program will be available early in  Q2 2020.

Kristian Johansen, CEO at TGS, commented, "The data generated from SeaSeep technology is proving to be a complementary and valuable addition to our multi-client library. The multibeam, coring and geochemical analysis provides our customers with further insight into and understanding of regional prospectivity. Following its successful implementation in the Gulf of Mexico, Brazil and across the MSGBC Basin, we are pleased to expand the use of this technology into West Africa’s most prolific hydrocarbon province.”

Graham Mayhew, VP – Africa, Mediterranean and Middle East at TGS, and Wole Shebioba, Managing Director at PetroData Management Services Ltd added, “We are excited to commence Nigeria’s first regional offshore multi-client program in nearly a decade. The deep water area offers vast potential, with plenty of open acreage opportunities. This program will help de-risk the offshore region and speed up exploration decision-making in an area which is likely to see a growing level of licensing activity in the near future.”

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.

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:
Dean Zuzic
Chief Financial Officer
Dean.Zuzic@tgs.com

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act