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TGS and WesternGeco Announce Engagement Phase 2 in the U.S. Gulf of Mexico

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OSLO, Norway (3 January 2022) - TGS, a global provider of energy data and intelligence, in a strategic collaboration with WesternGeco®, the geophysical services product line of Schlumberger, today announced the continuation of their ultra-long offset ocean-bottom node (OBN) acquisition in Green Canyon, U.S. Gulf of Mexico. Data processing and imaging are by WesternGeco.

The 168 OCS block survey began in August 2021 and is expected to be completed during the first quarter of 2022. Key to this project is the uplift these data bring to full-waveform inversion (FWI) velocity model building. The results from this data processing are expected in mid-2022. This project is supported by industry funding and extends the Engagement Phase 1 survey acquired to the north in 2020.

Kristian Johansen, CEO at TGS, commented: “Starting with Amendment Phase 1 in 2019, TGS and WesternGeco have been at the forefront of ultra-long offset OBN acquisition in the U.S. Gulf of Mexico. The success of the previous projects drives us to continue providing this step-change in image quality to our clients over this highly prospective area.”

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 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 TGS.com or contact:

Sven Børre Larsen
CFO
+47 90 94 36 73
investor@tgs.com

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