TGS Reports Q3 2013 Revenue Drop, Gain of New Seismic Contracts

In its third quarter 2013 financial results Norway-HQ of seismic survey specialists TGS report net revenues of USD 191 million in Q3 2013, compared to USD 245 million in Q3 2012.  Net late sales totaled USD 138 million, compared to USD 139 million in Q3 2012. New offshore contracts gained include:

Central Gulf of Mexico
The Francisco 3D multi-client survey in the Atwater Valley area of the central Gulf of Mexico expands upon the previously announced survey.  Upon completion, the survey will total more than 6,667 km2 of seismic data in this frontier area of the Gulf of Mexico.  Data processing will be performed by TGS using Clari-FiTM technology, a proprietary broadband processing technique.   Final data will be available to clients in Q4 2014.

Offshore Newfoundland
The Northeast Newfoundland Shelf 2D survey covering 5,000 km expands on the previously announced survey offshore Newfoundland.   Upon completion, the survey will cover 25,000 km in this region of prolific oil discoveries including Hibernia, Terra Nova, Hebron, White Rose and the more recent Mizzen, Harpoon and Bay du Nord discoveries.  The survey will be acquired in partnership with PGS and utilizes PGS GeoStreamer® technology.   Final data will be available to clients during Q3 2014.