Three Multi-Client Seismic Surveys for TGS

TGS, a Norway-based seismic acquisition specialist, announces three new multi-client surveys; a 3D survey in UK West of Shetlands and two 2D surveys offshore Newfoundland-Labrador.

Rona Ridge 2013 (RR13) is a 2,420 km2 3D survey that will provide the industry’s first 3D data in the highly prospective UK West Shetland Basin. Data processing will be performed by TGS with initial data available to clients in Q4 2013 ahead of the UK 28th Licensing Round.

The Labrador Sea Deep Basin 2D survey covering 3,000 km and the Labrador Sea 2D Infill survey covering 7,100 km will complement and infill the existing 22,167 km of 2D data acquired in 2011 and 2012. These surveys will further define and delineate the Henley, Chidley and Holton Basins. Both surveys will be acquired in partnership with PGS and utilize the PGS GeoStreamer® technology. Data acquisition will commence in August 2013 and initial data will be available to clients Q2 2014.

All three surveys are supported by industry funding.

2Q Results

Also, he company today reported net revenues of USD 210 million in Q2 2013, compared to USD 215 million in Q2 2012. Earnings before interest and taxes (EBIT) totaled USD 98 million, corresponding to an EBIT margin of 47%. The Company’s net late sales totaled USD 155 million, up 43% from Q2 2012 reinforcing the value of TGS’ global data library.

“Q2 2013 was a quarter with strong late sales particularly from older vintages. We appreciate that our customers continue to demand high quality data from our existing library and we are pleased to report a profit margin of 47% in Q2,” TGS’ CEO Robert Hobbs stated.