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    TGS-NOPEC re-structures long-term 2-D vessel capacity

    News // September 12, 2002
    TGS-NOPEC Geophysical Company has announced an agreement with Polar Trade Group SEVMORNEFTEGEOFIZIKA Trust (SMNG) in Russia to charter 2-D seismic vessel capacity for an initial minimum period of three years with two optional 12-month extension periods.

    Under this new agreement, TGS-NOPEC will have access to multiple SMNG vessels including Akademik Nemchinov, Akademik Shatskiy, Akademik Lazarev, Professor Polshkov, Professor Rjabinkin, Iskatel-3 and Iskatel-5.

    TGS-NOPEC has committed to contract a minimum of 12 vessel-months per year fromSMNG's 2-D seismic vessel fleet, beginning in January 2003.

    In parallel, TGS-NOPEC will waive its option to extend the bareboat charter agreement for the M/V Northern Access, thereby terminating the current agreement with Baltic Tugs. The Northern Access will be returned to its owner in November 2002.

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