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TGS and PGS Announce South Bank 3D Multi-client Phase II Offshore Canada

Written by Customer Service on . Posted in Public Companies.

OSLO, Norway (12 May 2022) – TGS, a global provider of energy data and intelligence, in partnership with PGS, today announced they have secured pre-funding for the South Bank 3D phase II multi-client project offshore Canada, extending on the South Bank phase I survey acquired in 2020. South Bank 3D Phase II includes the acquisition of 10,000 square kilometers of 3D data, building on the existing library of extensive 2D data coverage in the region.

Kristian Johansen, CEO at TGS, commented, “The TGS and PGS joint venture continues to successfully provide the industry with high-quality data and insights ahead of scheduled lease rounds. The South Bank 3D Phase II survey will help clients with the evaluation of the blocks available in the round this November and accelerate drill decisions.”

President & CEO in PGS, Rune Olav Pedersen, said, “We experience continued exploration interest offshore Canada and this is the 12th consecutive year of multi-client GeoStreamer data acquisition in the region. The South Bank phase II multi-client survey expands our 3D data coverage in the Southeast Newfoundland and will cover acreage included in the 2022 Call for Bids license round.” 

The Ramform Titan will mobilize for the survey in the second half of May, and acquisition is scheduled to complete in the first half of September. 

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
Chief Financial Officer
investor@tgs.com

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