Business News for the week of 20 September 2012

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Seismic crew survey reports

TGS awarded 2012 Stockman Prize

20 September 2012—TGS has been awarded the Stockman Prize for 2012. The prize is awarded annually by the Norwegian Society of Financial Analysts to the listed company that has provided the best information to the finance market.

TGS won the 2012 award in the open class, which included all companies listed on the Oslo Stock Exchange. Norwegian brokerage businesses, large institutions, and the Norwegian Society of Financial Analysts' members are involved in the nomination and voting process. In their assessment of the companies, the analysts evaluate the quality of the annual report, interim reports, corporate compliance, other publications, presentations and responsiveness to inquiries, amongst other things.

The award was presented at the annual seminar of the Norwegian Association of Financial Analysts on financial reporting in Oslo on 20 September 2012.

 


Dolphin and Hannon Westwood sign multiclient co-operation agreement

20 September 2012—Dolphin Geophysical and Hannon Westwood have entered into an agreement whereby Hannon Westwood will use its NW Europe databases of historically mapped hydrocarbon discoveries and potential plays to exclusively assist Dolphin with the location and planning of future multiclient 3D seismic surveys. In addition the two companies will collaborate on the marketing and sale of these surveys.

 

TGS announces new proprietary 2D survey offshore Colombia

24 September 2012—TGS has signed an agreement with Colombia's Agencia de Hidrocarburos (ANH) to acquire a new 10,000-km proprietary 2D survey offshore Colombia. Approximately 6400 km of data will be acquired in the Caribbean and 3600 km in the Pacific.  

The seismic data will be acquired by the M/V Shatskiy starting in late 2012 and will provide a new regional view of the deep-water geology of Colombia. The proprietary contract with ANH also includes TGS processing and interpretation services of the 2D data, which will be completed in late 2013.

 

CGGVeritas enters into agreement with Fugro

24 September 2012—CGG Veritas entered into an agreement with Fugro to acquire Fugro's Geoscience division, excluding the existing multiclient library and nodes businesses.

The agreement includes strategic partnerships, which include the creation of a seabed joint venture, a commercial agreement for CGGVeritas to sell Fugro's existing multiclient data, which remains owned by Fugro, and a global strategic technical and commercial mutual preferred supplier agreement.

The completion of the transaction is subject to mandatory antitrust clearances, work councils consultation processes and other customary conditions. Closing is targeted before year-end.