TGS Boosts Order Book with New Seismic Contracts

Norwegian seismic survey firm TGS announced Thursday that it has continued to build its order book by winning three new contracts for multi-client surveys offshore Australia, New Zealand and in the West of Shetland region of the North Sea.

TGS said the Nerites Season 2 will be the largest 3D survey TGS has acquired to date in the Asia Pacific region and will cover 4,840 square miles in the Great Australian Bight. The project represents the second season of the Nerites 3D seismic program commitment over blocks EPP44 and EPP45, which are mainly located in the Bight's deep-water Ceduna Sub-basin. Upon completion of this survey, the TGS total portfolio of 3D multi-client coverage offshore Australia will exceed 16,000 square miles. Data acquisition is expected to commence during the fourth quarter of 2014 or 1Q 2015 and will be acquired by Dolphin Geophysical. Data processing will be performed by TGS using its proprietary broadband technology, Clari-FiTM, with final data being available to clients in 2Q 2016.

In the same Asia Pacific region, TGS has commenced the regulatory approval process to undertake a 6,325-square mile 2D multi-client survey within the Reinga, Northland and Taranaki basins, offshore Northwest New Zealand. Subject to regulatory approvals, the survey is proposed to commence 4Q 2014 and run to 2Q 2015. Data will be acquired by the M/V Aquila Explorer and data processing will be performed by TGS.

TGS will finalize the 2014 European acquisition season with a new 3D survey West of Shetland covering 335 square miles. This survey will tie into TGS's existing 3D library in the region, bringing the total volume of recent TGS 3D data in the area to more than 6,845 square miles. The seismic data will be acquired by the M/V Naila towing 12 streamers at 19,690 feet cable length. Data processing will be performed by TGS using its proven proprietary broadband technology, Clari-FiTM, and final data will be available to clients in 2Q 2015.

TGS CEO Robert Hobbs commented in a company statement:

"Our backlog continues to be near an all-time high level and we are pleased to see customer commitments supporting our continued growth. The new surveys announced today confirm our strong position among key clients in hydrocarbon-rich regions with great future potential."

Meanwhile, TGS also reported its second quarter results Thursday. The firm's 2Q 2014 revenues were $205 million (2Q 2013: $210 million), while its earnings before interest and taxes amounted to $82 million (2Q 2013: $98 million). The firm's order backlog at the end of the quarter stood at $224 million – which is near its all-time high.


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