TGS-NOPEC Charters 3D Vessel



TGS-NOPEC Geophysical Company 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, 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."

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