Norwegian geophysical player TGS has increased its investment guidance for 2017 to approximately $260 million, which is a 20% increase from last year.
The company informed on Tuesday it has secured prefunding commitments from clients to support additional multiclient investments in 2017.
The new investment guidance represents an increase of approximately 20% over 2016 multiclient investments, TGS said.
Kristian Johansen, CEO of TGS, said: “I am delighted to announce this increase to TGS’ 2017 investment guidance. Through our counter-cyclical strategy we are adding a record-high amount of 3D data to our multiclient library at attractive unit costs.”
The company’s increased guidance for new multiclient investments is approximately 260 million and additional multiclient investments are expected from sales of existing surveys with risk sharing arrangements. TGS added that pre-funding of new multiclient investments is expected to be approximately 40-45%.
Earlier on Tuesday, the joint venture between TGS and PGS informed it is ramping up its 3D seismic acquisition in Newfoundland Labrador with two additional projects.