Three new multi-client surveys for TGS
TGS announces three new multi-client surveys; a 3D survey offshore Australia, a 2D survey offshore New Zealand and a 3D survey in the West of Shetland region.
Nerites Season 2 is the largest 3D survey TGS has acquired to date in the Asia Pacific region and will cover 13,000 km2 in the Great Australian Bight. The project represents the second season of the Nerites 3D seismic program commitment over blocks EPP44 and EPP45, which are mainly located in the Bight’s deep water Ceduna Sub-basin.
Upon completion of this survey, the TGS total portfolio of 3D multi-client coverage offshore Australia will exceed 43,000 km2. Data acquisition is expected to start in Q4 2014 or Q1 2015 and will be acquired by Dolphin Geophysical. Data processing will be performed by TGS using its proven proprietary broadband technology, Clari-FiTM, and final data will be available to clients in Q2 2016.
In the same Asia Pacific region, TGS has begun the regulatory approval process to undertake a 17,000 km 2D multi-client survey within the Reinga, Northland and Taranaki basins, offshore Northwest New Zealand. Subject to regulatory approvals, the survey is proposed to start Q4 2014 and run to Q2 2015. Data will be acquired by the M/V Aquila Explorer and data processing will be performed by TGS.
TGS will finalize the 2014 European acquisition season with a new 3D survey West of Shetland covering 900 km2. This survey will tie into TGS’ existing 3D library in the region, bringing the total volume of recent TGS 3D data in the area to more than 18,400 km2. The seismic data will be acquired by the M/V Naila (photo) towing 12 streamers at 6,000 m cable length. Data processing will be performed by TGS using its proven proprietary broadband technology, Clari-FiTM, and final data will be available to clients in Q2 2015.
“Our backlog continues to be near an all-time high level and we are pleased to see customer commitments supporting our continued growth. The new surveys announced today confirm our strong position among key clients in hydrocarbon-rich regions with great future potential” TGS’ CEO Robert Hobbs stated.
In a separate release, TGS today announced the results of it second quarter 2014. The company reported net revenues of USD 205 million in Q2 2014, compared to USD 210 million in Q2 2013. Earnings before interest and taxes (EBIT) totaled USD 82 million, corresponding to an EBIT margin of 40%. The Company’s net pre-funding revenues were USD 60 million, up 39% from Q2 2013. Backlog of USD 224 million remains near an all-time high level.