Naersnes, Norway, 28 April, 2004 - TGS-NOPEC Geophysical Company ASA has successfully completed an offering of senior bonds. The loan amount is limited to NOK 500 mill, of which a first tranche of NOK 300 million (by today's exchange rate approximately USD 43 million) will be drawn on 5 May 2004. The bonds mature on 5 May 2009, and will bear interest on a per annum rate adjusted quarterly equalling 3 month NIBOR plus 2%. The Company will apply to list the bonds on the Oslo Stock Exchange.
The net proceeds from the loan will be used to finance TGS-NOPEC's activities and secure liquidity for the Company to act on opportunities in the market. The bond issue adds a new source of capital for TGS-NOPEC and strengthens its financial flexibility.
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. A2D Technologies, a wholly owned subsidiary, 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. 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.
For additional information about this news release please contact:
Arne Helland, CFO
Telephone: +47-31-29-20-00 / +47-91-88-78-29
John Adamick, VP Business Development
Telephone: +1 713-860-2102