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TGS Charters Additional Vessel for W Africa Opportunities

Source: www.gulfoilandgas.com 7/12/2010, Location: Europe

TGS announces that it has chartered additional vessel capacity to address its multi-client opportunities in West Africa. TGS has chartered Fugro's Geo-Caribbean for approximately seven (7) months to acquire multi-client programs in West Africa. The Geo-Caribbean is a modern vessel capable of towing twelve (12) long offset streamers. It is anticipated that TGS will take delivery of the vessel on or around 1 September 2010. It is anticipated that over 10,000 km2 of new 3D will be acquired under this new vessel charter.

“Over the last three years TGS has increased its 3D investments significantly in West Africa. In that period we have acquired over 21,000 km2 of 3D data in this promising region. We continue to see opportunities along the Africa transform margin as well as in the salt basins and see the charter of the Geo-Caribbean as an opportunity to gain access to a world class 3D seismic vessel for utilization in a key exploration market,” said Robert Hobbs, CEO of TGS. “TGS continues to be successful in diversifying its world-wide multi-client data portfolio and the charter of this impressive vessel will significantly further that effort,” continued Hobbs.

Data to be acquired with the Geo-Caribbean is supported by industry pre-funding.

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