TGS-NOPEC Geophysical Company ASA acquires US seismic imaging company Parallel Data Systems Inc

Nordic Business Report, April 2, 2007

NORDIC BUSINESS REPORT-2 April 2007-TGS-NOPEC Geophysical Company ASA acquires US seismic imaging company Parallel Data Systems Inc(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com

Norwegian seismic company TGS-NOPEC Geophysical Company ASA said on Monday (2 April) that its subsidiary TGS-NOPEC Geophysical Company LP has agreed to acquire US company Parallel Data Systems Inc.

Parallel Data Systems is a high-tech seismic imagining company with 21 employees and offices in Houston and Dallas.

"The combination of [Parallel Data Systems] with our existing TGS Imaging group will dramatically increase our throughput capacity and our array of imaging algorithms, as well as provide the critical mass in research and development necessary to commercialise the next generation of seismic imaging technologies including wide azimuth 3D," commented Hank Hamilton, CEO of TGS-NOPEC.

The financial details of the acquisition were not disclosed.

TGS-NOPEC, headquartered in Asker, Norway, provides geoscience data, software and services to the oil and gas industry. Its TGS Imaging division provides advanced depth imaging solutions and software. TGS-NOPEC is listed on the Oslo Stock Exchange and traded under the ticker TGS.

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