Business Services Industry
TGS-NOPEC Geophysical Company AS secures USD40m pre-commitment contract
Nordic Business Report, Nov 16, 2007
NORDIC BUSINESS REPORT-16 November 2007-TGS-NOPEC Geophysical Company AS secures USD40m pre-commitment contract(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com
Norwegian geophysical company TGS-NOPEC Geophysical Company ASA said on Friday (16 November) that it has secured a new pre-commitment contract of approximately USD40m for the company's first wide-azimuth (WAZ) multi-client 3D survey.
The company said that the contract represents the largest single pre-funding commitment ever captured by TGS and supplements significant previously announced pre-funding already in place.
Related Results
The initial programme, referred to as "mcWAZ Phase 1" will cover approximately 650 OCS blocks, some 15,000 square kilometres, in the Mississippi Canyon and Atwater Valley areas of the Gulf of Mexico.
TGS said that it expects to secure additional commitments to the project prior to the end of the year.
TGS-NOPEC, headquartered in Asker, Norway, provides geoscientific data products and services to the oil and gas industry. The company is in the process of merging with Wavefield Inseis ASA to create TGS Wavefield. TGS-NOPEC is listed on the Oslo Stock Exchange and traded under the ticker TGS.
One British pound (GBP) is worth approximately 2.11 US dollars (USD).
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