TGS-NOPEC Geophysical Company ASA

11/12/2018 | Press release | Distributed by Public on 11/12/2018 01:01

TGS announces strategic collaboration for ocean bottom node projects in North Sea

ASKER, NORWAY (12 November 2018) TGS announces a strategic collaboration with Axxis Geo Solutions (AGS) for multi-client ocean bottom node projects in the North Sea. The area of mutual interest covers the core part of the central North Sea up to and including the Utsira area. Under this agreement, the parties will work together to develop opportunities to co-invest in multi-client ocean bottom node projects. TGS will have a right to process all new node data acquired under this collaboration.

AGS is a Norwegian company focusing on the ocean bottom seismic market. The company has a proprietary technology-agnostic node handling system and is currently operating four vessels with more than 9,000 nodes. The AGS management team has experience of executing more than 100 surveys in over 20 countries. Their technology and capabilities are complementary to TGS multi-client experience, client relationships, existing data and subsurface knowledge in this region.

As part of this collaboration, TGS will join the 1,560 km2 Utsira node multi-client project which is currently being acquired by AGS in the Norwegian North Sea.

'E&P companies have for a long time recognized that ocean bottom nodes can deliver a significant uplift in data quality. Technology development and operational efficiencies are bringing costs down to a level where large-scale exploration node surveys are becoming an attractive option to support exploration and drilling decisions. This is TGS' second ocean bottom node announcement related to 2019 investments and we are excited by the momentum that we see in this market,' commented Kristian Johansen, CEO, TGS.