TGS Announces a New Multi-Client 2D Program Offshore Newfoundland and Labrador

ASKER, NORWAY--(Marketwired - May 12, 2015) - TGS announces two new multi-client 2D surveys offshore Eastern Canada, with plans to acquire approximately 30,000 km of seismic data. Both surveys are in partnership with PGS, utilizing two vessels during the 2015 acquisition season.

The M/V Atlantic Explorer utilizing the PGS GeoStreamer^® technology, will acquire approximately 18,000 km of seismic data in the Southeast Grand Banks. Data acquisition will commence during June 2015.

The M/V Sanco Spirit, also utilizing the PGS GeoStreamer^® technology, will acquire approximately 12,000 km of seismic in the South Labrador, Northeastern and Eastern Newfoundland area. Data acquisition will commence during July 2015.

Both projects will provide valuable data covering expected Areas of Interest (AOIs) to be released by Canada's Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) as part of the new land tenure system announced to the industry previously. Pre-processing of the initial GeoStreamer signal will be performed by PGS following which TGS will perform data processing with final data available to clients Q3 2016.

"TGS' continued investment in this region reflects our support of Newfoundland-Labrador's provincial energy strategy, including more detailed coverage in the expected future AOIs. Including these new surveys, the total 2D library size in East Coast Canada will reach approximately 115,000 kilometers since the TGS and PGS joint venture started acquiring data in 2011. In combination with our interpretation products, the data will assist our customers with their evaluation of the plays providing a unique insight into this region's potential," commented Katja Akentieva, Senior VP Western Hemisphere for TGS.

Both of these projects have industry support.

Company summary

TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration solutions.

For more information visit TGS online at www.tgs.com.

Forward-looking statements and contact information

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 products at costs commensurate with profitability. 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.

TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO: TGS).

TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY."