Tenerife, Spain (30 October 2006) - Following the pausing of the trade of the Company's shares at the Oslo Stock Exchange on Friday 27th October, TGS-NOPEC Geophysical Company ASA (TGS) would like to make clear the basis for its recently revised 2006 guidance.
On Tuesday, October 24th, the U.S. Department of the Interior issued a statement announcing that additional environmental assessments would occur offshore Louisiana prior to any future federal lease sales being held in the federal waters off the state of Louisiana. The announcement stated that the additional environmental assessments were to be conducted as part of an out-of-court settlement with the state of Louisiana concerning a lawsuit made by the state. On Wednesday, October 25th, the Houston Chronicle published an article indicating that the Central Gulf of Mexico lease sale scheduled for March (Lease Sale 201) would be delayed, probably until September. 2007.
To avoid misunderstanding, TGS would like to inform investors that it had full knowledge of these events when Management issued updated (increased) revenue guidance for 2006 in conjunction with the publishing of the 3rd Quarter 2006 Financial Results.
In order to address investor questions about this issue, CEO Hank Hamilton, CFO Arne Helland, and VP Business Development John Adamick will host a teleconference at 4 p.m. Central European Time (10 a.m. Eastern Standard Time). Norwegian attendees are invited to call 800 80 119 and international attendees are invited to call +47 23 000 400.Attendees may want to call 5-10 minutes before the scheduled time to ensure registration and access. A Q&A session will follow a short introduction. To pose a question, please press *1.
A replay of the Conference call will be available at www.tgsnopec.no shortly after.
Or access a replay of `TGS-NOPEC's conference call by dialing +47-67894091 accountno: 1193 followed by # (pound-sign) press 1 Conferenceno: 193 followed by # (pound-sign) press 1 to play.
TGS-NOPEC Geophysical Company ASA (TGS) is a leading global provider of multi-client geoscientific data, associated products and services to the oil and gas industry. TGS specializes in the creation of non-exclusive seismic surveys worldwide. The Company provides advanced depth imaging solutions and software through its TGS Imaging division. Well log data is available for conversion, sourcing, management and immediate delivery through TGS subsidiary, A2D Technologies. Multi-client interpretive products and subsurface consulting services are provided through the Company's Aceca subsidiary. The TGS family of companies places a strong emphasis on providing high-quality data and the highest level of service to the industry.
A replay of the Conference call will be available at www.tgsnopec.no shortly after.
Or access a replay of `TGS-NOPEC's conference call by dialing +47-67894091 accountno: 1193 followed by # (pound-sign) press 1 Conferenceno: 193 followed by # (pound-sign) press 1 to play.
TGS-NOPEC Geophysical Company ASA (TGS) is a leading global provider of multi-client geoscientific data, associated products and services to the oil and gas industry. TGS specializes in the creation of non-exclusive seismic surveys worldwide. The Company provides advanced depth imaging solutions and software through its TGS Imaging division. Well log data is available for conversion, sourcing, management and immediate delivery through TGS subsidiary, A2D Technologies. Multi-client interpretive products and subsurface consulting services are provided through the Company's Aceca subsidiary. The TGS family of companies 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 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).
For more information about this news release, please contact:
John Adamick
VP Business Development
Tel: +1 713 818-9035
Email: jada@tgsnopec.com