TGS Says Wavefield Not Participating in Wide Azimuth Project

TGS-NOPEC Geophysical refers to the press release related to the cooperation agreement on the Gulf of Mexico wide azimuth project.

TGS regrets that its merger partner Wavefield Inseis declined to participate in this wide azimuth project, having notified TGS that Wavefield Inseis was unable to satisfy the operational requirements of the project within the time constraints of TGS's customers and having informed TGS that it was unwilling to contribute its vessels absent a revision to the terms of the merger agreed between the two parties.

TGS remains committed to the creation of the merged company TGS-Wavefield and continues to believe that the merger provides for very material value creation for all the stakeholders of both companies.