TGS Signs Letter of Intent With CGGVeritas for 3D Vessel (Norway)

TGS announces that it has signed a Letter of Intent with CGGVeritas to charter a high capacity vessel for 3D multi-client projects in Europe during the 2011 summer season.

The charter will begin before the end of April and will last for approximately 4 months. The agreement also provides an option for TGS to extend the charter in two 6 month increments under fixed commercial terms.

The details of the individual projects to be completed under this charter will be announced separately.

TGS-NOPEC Geophysical Company (TGS) provides global geoscience data products and services to the oil and gas industry for the exploration and delineation of hydrocarbon reserves. We design and acquire multi-client data projects worldwide that make up our data library of seismic, gravity/magnetic and well data, enhanced by our seismic imaging technology and regional interpretation expertise.

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Source: tgsnopec ,March 10, 2011;