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TGS-NOPEC (OSL:TGS) - 3rd QUARTER And 9 Months 2008 RESULTS

TGS-NOPEC (OSL:TGS) 3rd QUARTER HIGHLIGHTS * Gross sales volume was 89% higher than in Q3 2007. * Consolidated net revenues were USD 170.8 million, an increase of 70% compared to Q3 2007. * Net late sales from the multi-client library totaled USD 97.4 million, up 71% from USD 57.0 million in Q3 2007. * Net pre-funding revenues were USD 36.0 million, funding 45% of the Company's operational investments into new multi-client products during Q3 (USD 80.6 million). * Proprietary contract and other revenues during the quarter totaled USD 37.4 million compared to USD 18.0 million in Q3 2007. * Operating profit (EBIT), after expensed merger costs of USD 3.2 million, was USD 75.8 million (44% of Net Revenues), up 67% from USD 45.3 million in Q3 2007. * Cash flow from operations after taxes but before investments was USD 61.2 million, versus USD 78.8 million in Q3 2007. * Unrealized losses on financial assets held totaled USD 64 million, including a non-tax deductible loss on shares held in Wavefield-Inseis of USD 55.6 million and a write-down to fair value of short-term financial investments (Auction Rate Securities) of USD 8.4 million * Earnings per share (fully diluted) were USD -0.14 versus USD 0.25 in Q3 2007. Not including the merger costs, loss on Wavefield shares and write-down of the ARS, earnings per share were USD 0.50, up 100% compared to Q3 2007.

9 MONTHS 2008 HIGHLIGHTS * Consolidated net revenues were USD 410.0 million, an increase of 44% compared to 2007. * Net late sales from the multi-client library totaled USD 233.4 million, up 29% from USD 180.3 million in 2007. * Operating profit (EBIT) was USD 188.9 million (46% of Net Revenues), up 41% from USD 134.0 million in 2007. * Cash flow from operations after taxes but before investments was USD 240.5 million, versus USD 215.1 million in 2007. * Operational investments in the multi-client inventory were 46% pre-funded and totaled USD 230.8 million versus USD 98.5 million in 2007. * Unrealized losses on Wavefield shares total USD 65.9 million. * Undiluted earnings per share including the non-operational items (merger costs, loss on Wavefield shares, write-down of ARS) were USD 0.51 versus USD 0.82 in for the same period in 2007.

Please find the full Interim Report attached. A recorded Presentation with sound by the CEO, COO and CFO is available webcast at www.tgsnopec.com

A telephone conference will be held today, October 30th, 2008 at 15.00 CET, 10AM Eastern time.

For more information, call:

Arne Helland CFO +47 91 88 78 29

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

LINK: http://hugin.info/86869/R/1264681/278029.pdf

TGS-NOPEC

http://www.tgsnopec.no/

ISIN: NO0003078800

Stock Identifier: XOSL.TGS

US: Other OTC: TGSNF.PK

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