TGS Charters 3D Vessel.HOUSTON & NAERSNES, Norway -- TGS-NOPEC Geophysical Company TGS-NOPEC Geophysical Company (OSE: TGS) often branded as TGS is a Norwegian geoscience data, software and service provider. The company has its headquarters in Asker outside Oslo, Norway in addition to offices in Bedford, United Kingdom; West Perth, Australia and Houston, (TGS TGS Tokyo Game Show TGS Ticket-Granting Service TGS Ticket-granting Server TGS The Good Shepherd TGS Teen Girl Squad TGS The Gargoyles Saga TGS Texas Gourd Society TGS Tomato Growers Supply TGS Trinity Grammar School TGS Tomographic Gamma Scanner ) announced today that it has signed a charter agreement with Fugro-Geoteam AS to utilize the newbuild Geo Barents 3D seismic vessel. The charter begins on November 1st, 2006 and lasts for a minimum period of 18 months with two options for TGS to extend the charter by six-month periods under the same commercial terms. TGS plans to employ the Geo Barents initially on its "Stanley" 3D project in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , replacing the Polar Search when its charter expires. Hank Hamilton, Chief Executive Officer, said, "Securing a modern, efficient 3D vessel represents an important step towards achieving our growth plan." TGS-NOPEC Geophysical Company (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 also 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 A2D Analog To Digital 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 Cyclical Industry A term describing an industry that is sensitive to the business cycle and price changes. Many cyclical industries produce durable goods such as raw materials and heavy equipment. 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 Asa (ā`sə), in the Bible, king of Judah, son and successor of Abijah. He was a good king, zealous in his extirpation of idols. When Baasha of Israel took Ramah (a few miles N of Jerusalem), Asa bought the help of Benhadad of Damascus and is listed on the Oslo Stock Exchange Oslo Stock Exchange An exchange founded in 1819 and trading stocks, bonds, and stock options that is considered the options market of Norway. (OSLO:TGS). |
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