May 17, 2019: Oslo, Norway, PGS and TGS announce the Torngat 3D MultiClient
project in Offshore East Canada.
Torngat 3D will cover approximately 3,287 square kilometers and encompasses
sections of the open acreage included in the Labrador South November 2021 bid
round. PGS' Ramform Titan will perform the acquisition, utilizing Geostreamer®
technology. The project is expected to commence in late July 2019. PGS will
process the GeoStreamer data.
The Torngat 3D survey sits within Labrador Sea's southern sedimentary basins
where frontier exploration has already successfully identified hydrocarbons,
such as in the nearby Hopedale and Snorri discoveries. Torngat 3D will be the
first 3D seismic survey to be acquired offshore Labrador.
Following this ninth consecutive season of data acquisition in offshore East
Canada, the jointly owned library will have approximately 52,000 square
kilometers of 3D GeoStreamer data and more than 189,000 line kilometers of 2D
GeoStreamer data.
This project is supported by industry funding.
FOR DETAILS, CONTACT:
Bård Stenberg, SVP IR & Corporate Communications
Phone: +47 67 51 43 16
Mobile: +47 99 24 52 35
***
Petroleum Geo-Services ASA and its subsidiaries ("PGS" or "the Company") is a
focused marine geophysical company that provides a broad range of seismic and
reservoir services, including acquisition, imaging, interpretation, and field
evaluation. The Company MultiClient data library is among the largest in the
seismic industry, with modern 3D coverage in all significant offshore
hydrocarbon provinces of the world. The Company operates on a worldwide basis
with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock
exchange (OSE: PGS). For more information on PGS visit www.pgs.com.
***
The information included herein contains certain forward-looking statements that
address activities, events or developments that the Company expects, projects,
believes or anticipates will or may occur in the future. These statements are
based on various assumptions made by the Company, which are beyond its control
and are subject to certain additional risks and uncertainties. The Company is
subject to a large number of risk factors including but not limited to the
demand for seismic services, the demand for data from our MultiClient data
library, the attractiveness of our technology, unpredictable changes in
governmental regulations affecting our markets and extreme weather conditions.
For a further description of other relevant risk factors we refer to our Annual
Report for 2018. As a result of these and other risk factors, actual events and
our actual results may differ materially from those indicated in or implied by
such forward-looking statements. The reservation is also made that inaccuracies
or mistakes may occur in the information given above about current status of the
Company or its business. Any reliance on the information above is at the risk of
the reader, and PGS disclaims any and all liability in this respect.
--END--