TGS ASA — M&A Activity 2016

Sep 14, 2016

TGS and PGS jointly acquire Dolphin's multi-client library

TGS and PGS jointly acquire Dolphin's multi-client library

ASKER, NORWAY (14 September 2016) - TGS announced today that it has, together

with Petroleum Geo-Services ASA (PGS), agreed principal terms and conditions for

jointly acquiring the majority of the multi-client library of Dolphin UK Ltd.

The parties expect to enter into a definitive agreement for the acquisition in

the near future.

"The Dolphin library is a good strategic fit for TGS and will add to our already

strong position in areas such as the Barents Sea, the North Sea, NW Africa and

Australia, including several surveys where TGS currently holds a joint interest

with Dolphin.  With this acquisition we are continuing to execute on our active

consolidation strategy. This transaction will be the second strategic library

acquisition TGS has concluded  in this down cycle, following the purchase of

most of the Polarcus library last year," stated Kristian Johansen, CEO of TGS.

"We are excited to enter into this transaction together with PGS, and it

positions us well for further cooperation in these prospective areas," he

added.

Company summary

TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil

and gas Exploration and Production companies worldwide.  In addition to

extensive global geophysical and geological data libraries that include multi-

client seismic data, magnetic and gravity data, digital well logs, production

data and directional surveys, TGS also offers advanced processing and imaging

services, interpretation products, and data integration solutions.

For more information visit TGS online at www.tgs.com.

Forward-looking statements and contact information

All statements in this press release other than statements of historical fact

are forward-looking statements, which are subject to a number of risks,

uncertainties and assumptions that are difficult to predict, and are based upon

assumptions as to future events that may not prove accurate. These factors

include TGS' reliance on a cyclical industry and principle customers, TGS'

ability to continue to expand markets for licensing of data, and TGS' ability to

acquire and process data products at costs commensurate with profitability.

Actual results may differ materially from those expected or projected in the

forward-looking statements. TGS undertakes no responsibility or obligation to

update or alter forward-looking statements for any reason.

TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange

(OSLO:TGS).

TGS sponsored American Depositary Shares trade on the U.S. over-the-counter

market under the symbol "TGSGY".

For additional information about this press release please contact:

Sven Børre Larsen

Chief Financial Officer

Tel: +47 90 94 36 73

Email: sven.larsen@tgs.com

Will Ashby

VP HR and Communication

Tel: +1 713 860 2184

Email: will.ashby@tgs.com

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)