Houston, Texas (February 19, 2004) - After completing an extensive procedural review process, the U.S. Department of the Interior Minerals Management Service (MMS) has awarded A2D Technologies an exclusive multi-year digital well log data processing contract. A2D was granted the contract based on technological capabilities, proven domain expertise, competitive pricing and overall value proposition.
A2D, a subsidiary of TGS-NOPEC Geophysical Company, will act as the MMS' official contractor for several aspects of well log data management, including processing and hosting of proprietary and public well log data assets. A2D will work directly with companies operating in the U.S. Outer Continental Shelf (OCS) to collect and distribute complete, defect-free processed well log data to the public.
Under terms of the contract, A2D will process digital vector log data to MMS standard well-bore data specifications. The MMS will also have access to A2D's Workstation Ready (WSR) well log data for internal resource evaluation purposes. The A2D WSR format is currently in use by a number of exploration companies resulting in realized efficiencies in data management and interpretation activities.
The contract is a significant endorsement of A2D's data management model, which will facilitate data standards and drive efficiencies for the industry. According to Dave Kotowych, A2D President, "The MMS contract is a strategic win as it will generate revenues for our services business as well as reduce the acquisition costs for adding OCS logs to the Company's online well log data collection. The solution designed for the MMS will be attractive to other corporate and governmental organizations worldwide."
The Minerals Management Service (MMS), a bureau in the U.S. Department of the Interior, is the federal agency that manages the nation's natural gas, oil and other mineral resources on the outer continental shelf in Alaska, the Pacific and the Gulf of Mexico.
A2D Technologies, a wholly-owned subsidiary of TGS-NOPEC Geophysical Company, pioneered the delivery of digital well log data over the Internet and currently offers a one-of-a-kind integrated solution for well log data sourcing, well log data management, and well log correlation.
TGS-NOPEC is a leading global provider of multi-client geoscience data and associated products and services to the oil and gas industry. TGS-NOPEC specializes in the planning, acquisition, processing, interpretation and marketing of non-exclusive seismic surveys worldwide. The TGS-NOPEC group places a strong emphasis on providing high-quality data and the highest level of service to the industry.
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. These include TGS-NOPEC's reliance on a cyclical industry and principal customers, the company's ability to continue to expand markets for licensing of data, and the company's ability to acquire and process data products at costs commensurate with profitability. Actual results may differ materially from those expected or projected. TGS-NOPEC undertakes no responsibility to update forward-looking statements.
TGS-NOPEC is listed on the Oslo Stock Exchange (OSLO:TGS). Web-site: www.tgsnopec.no
LOG-LINE Plus! is a registered trademark of A2D Technologies.
For additional information about this news release please contact:
John Adamick, VP Business Development
TGS-NOPEC Geophysical Company
Telephone: 1-713-860-2100
Rod Starr, Executive VP Sales & Marketing
A2D Technologies
Telephone: 1-713-860-2100
Arne Helland, CFO
TGS-NOPEC Geophysical Company ASA
Telephone: +47 31 29 20 33/+47 91 88 78 29