TGS-Nopec has positive 3Q

TGS-Nopec added 18,000 km of new 2D and 1,300 sq km of new 3D data to its library of marketed seismic surveys during 3Q 2003. Five seismic vessels contributed the data gathering effort, most of which took place in the US Gulf of Mexico, Atlantic Canada, and Greenland.

TGS-Nopec added 18,000 km of new 2D and 1,300 sq km of new 3D data to its library of marketed seismic surveys during 3Q 2003. Five seismic vessels contributed the data gathering effort, most of which took place in the US Gulf of Mexico, Atlantic Canada, and Greenland.

In September, the company completed acquisition of its deepwater Gulf of Mexico eMC 3D program and launched a new long-offset 3D project, "Deep Resolve," on the southern portion of the Louisiana shelf.

A2D added 77,000 logs from 41,000 wells to its digital well log library, bringing the total inventory to 1.65 million digital well log images from approximately 790,000 wells. A2D also released Version 2.0 of LOG-LINE Plus!, its Web based application providing customers the ability to immediately download commercially available well log data or access their own proprietary data.

The company's backlog for new seismic projects increased 16% to $16.7 million as of Sept. 30, 2003, from $14.4 million at the end of 2Q. A2D backlog also increased slightly to $9.88 million from $9.4 million at the end of June.

TGS-Nopec recently signed a letter of intent to purchase Riley Electric Log along with additional software and data assets from Divestco Inc. for $9 million.

The company expects 10% net revenue growth for the full year 2003 over 2002.

11/13/03

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