TGS TGS-NOPEC Geophysical Company ASA

TGS Announces Completion of Santos Basin Multi-Client 3D Survey

TGS Announces Completion of Santos Basin Multi-Client 3D Survey

Asker, Norway (9 June 2020) - TGS, a leading provider of multi-client geoscience data for exploration & production (E&P) companies, today announced the completion of an additional phase of the Santos Basin 3D Multi-Client seismic survey in Brazil. The survey is located south of the high-profile discoveries in the Santos Basin and the recent sought-after blocks offered in Rounds 15 and 16. The acquisition of 17,500 square kilometers of the 23,000 square kilometers is complete.

This multi-client 3D survey is just the latest of several 3D and 2D surveys completed in Brazil. TGS currently holds over 452,000 kilometers in 2D multi-client data and ~72,500 square kilometers in 3D multi-client data in Brazil.

Kristian Johansen, CEO at TGS, said, “We are pleased to have completed this survey acquisition as it further strengthens our data library and position in South America. The Santos Basin is one of the most prolific exploration basins in the world with a high potential for further discoveries in deepwater. TGS will continue to prioritize Brazil as it offers numerous world-class petroleum basins with some of the globe's most exciting oil and gas exploration opportunities.”

Full volume fast track data will be available in August 2020 with final data expected in Q2 2021.

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, as well as volatile market conditions, which have been exacerbated by the COVID-19 pandemic and the severe drop in oil prices.  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 or contact:

Fredrik Amundsen

Chief Financial Officer

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

Attachment

EN
09/06/2020

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on TGS-NOPEC Geophysical Company ASA

 PRESS RELEASE

New Industry Report Asks Whether 2024 is Living Up to Expectations for...

New Industry Report Asks Whether 2024 is Living Up to Expectations for Offshore Wind? Lowestoft, UK (21 March 2024) — TGS, the leading global provider of energy data and intelligence, has released its latest Market Overview Report, powered by 4C Offshore market intelligence. This comprehensive analysis offers an early assessment of the global offshore wind industry for the rest of 2024, building upon the insights provided by last year's report, which anticipated a record-breaking auction year for the sector. The Q1 report looks at whether 2024 is still expected to deliver on that promise. ...

 PRESS RELEASE

TGS: Mandatory Notification of Trades

TGS: Mandatory Notification of Trades Oslo, Norway (29 February 2024) – In February 2019, TGS implemented an Employee Share Purchase Plan (ESPP) pursuant to which eligible employees can purchase TGS common shares at a discount through payroll deductions.  The ESPP operates in six-month periods, and at the end of each period, employees in eligible jurisdictions (United States, United Kingdom and Canada) have the option to purchase stock at a 15% discount to the market price at the time of purchase.  The plan sets a maximum purchase of shares per employee per six-month period and ESPP dividen...

Steffen Evjen
  • Steffen Evjen

TGS (Hold, TP: NOK105.00) - Cutting back on investment

The guided YOY cut in MultiClient investment caught us by surprise; and while we understand the need to optimise near-term returns and cash flow, we struggle to see how lowering investment could support sales growth longer-term. We note that over the past 10 years, TGS has cut investments only in 2016 (oil price crash) and 2020–2021 (covid). We still value TGS on a pro-forma combined basis with PGS ahead of the merger scheduled to close in Q2. We reiterate our HOLD and NOK105 target price.

 PRESS RELEASE

TGS Quarterly Dividend

TGS Quarterly Dividend OSLO, Norway (15 February 2024) – Following the authorization from the Annual General Meeting on 10 May 2023, the Board of TGS ASA has resolved to distribute a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.47 per share) in Q1 2024. Key information relating to the cash dividend: Dividend amount and declared currency: USD 0.14 per share (equivalent to NOK 1.47 per share)Last trading day including right: 21 February 2024 Ex-date: 22 February 2024Record date: 23 February 2024Payment date: 7 March 2024 Date of approval: 14 February 2024  Company ...

 PRESS RELEASE

TGS Announces Q4 2023 Results

TGS Announces Q4 2023 Results OSLO, Norway (15 February 2024) - TGS today reported interim financial results for Q4 2023. The results reflected strong operational performance and continued strong growth in multi-client early sales, with late sales coming in below expectations. Financial highlights: POC revenues (1) were USD 206 million compared to USD 227 million in Q4 2022 POC EBITDA of USD 137 million versus USD 151 million in Q4 2022POC operating result was USD 47 million compared to USD 74 million in Q4 2022. Contract inflow of USD 275 million during Q4 2023 compared to USD 283 mill...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch