TGS Secures Two-Month Proprietary OBN Data Acquisition Contract in the Gulf of Mexico

OSLO, Norway (18 December 2023) – TGS, the leading global provider of energy data and intelligence, has been awarded a two-month proprietary Ocean Bottom Node (OBN) data acquisition contract in the Gulf of Mexico. The project’s acquisition will start in Q1 2024.

Kristian Johansen, CEO at TGS, commented: “This project highlights the key role OBN data plays in this vital basin. OBN technology provides the essential data needed to visualize and understand the intricate structures within the Gulf of Mexico, enabling our clients to make well-informed, data-driven decisions in their field development strategies.”

As the industry evolves, the adoption of OBN technology brings forth a myriad of benefits for both the energy sector and its stakeholders. By employing OBN technology, TGS ensures a more comprehensive and accurate understanding of subsurface structures, paving the way for enhanced reservoir characterization and improved imaging of complex geological formations. This advanced data acquisition approach not only increases exploration success rates but also contributes to more efficient resource utilization, ultimately reducing operational risks and costs for clients.

About TGS

TGS provides scientific data and intelligence to companies active in the energy sector. In addition to a global, extensive and diverse energy data library, TGS offers specialized services such as advanced processing and analytics alongside cloud-based data applications and 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 volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. 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.

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Sven Børre Larsen

Chief Financial Officer