Category Archives: Business

TGS demonstrates counter-cyclical strategy as it increases 2017 Investment Guidance

ASKER, Norway, May 23, 2017 (GLOBE NEWSWIRE) — TGS demonstrates counter-cyclical strategy as it increases 2017 Investment Guidance to approximately USD 260 million.  TGS has successfully secured prefunding commitments from clients to support additional multi-client investments in 2017.  The new investment guidance represents an increase of approximately 20% over 2016 multi-client investments.

“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 multi-client library at attractive unit costs.  This will position TGS to enhance its status as the world’s leading multi-client geophysical company,” commented Kristian Johansen, CEO of TGS.

TGS provides the following increased guidance for 2017:

  • New multi-client investments* of approximately USD 260 million
  • Additional multi-client investments expected from sales of existing surveys with risk sharing arrangements
  • Prefunding of new multi-client investments* expected to be approximately 40-45%

*New multi-client investments excluding investments related to surveys with risk sharing arrangements

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: [email protected]

Will Ashby
VP HR & Communication
Tel: +1 713 860 2184 
Email: [email protected]

Thousands of Ethnic Lisu Protest Killings by Myanmar’s Kachin Independence Army

Thousands of ethnic Lisu in Myitkyina, capital of northern Myanmar’s Kachin state, protested on Monday against an ethnic armed group for violating human rights by indiscriminately arresting and killing civilians and extorting money from them.

The protesters also took issue with the Kachin Independence Army (KIA), the military wing of the Kachin Independence Organization (KIO) political group, for failing to apologize for killing the Lisu people, the protesters told RFA’s Myanmar Service

They demanded an apology from the KIA and pledges not to commit the same crimes in the future and to provide assistance to the families of those they killed.

Ethnic Lisu from the towns of Myitkyina, Waingmaw, Tanai, and Puta-O joined in the protest.

They violate human rights, and they are unfair, said Alay Phar Phar, a member of Lisu National Protest Committee. They practice chauvinism when they deal with us.

The KIA killed four Lisu people last year in the Sadon region of Kachin state as well as some this year, he said, adding that local residents have not yet been able to determine the number and identities of those who died.

RFA was unable to contact KIO leaders for comment.

The Lisu people are a Tibeto-Burman ethnic group who live in northern Myanmar, southwestern China, and parts of Thailand and India. Many are Christians. An estimated 600,000 Lisu live in Myanmar.

Because they inhabit mountainous areas largely covered by dense forests, they must rely on raising livestock and hunting to make a living in Buddhist-dominated Myanmar.

Armed clashes in Kachin

The KIA has been engaged in fighting with the national army in Kachin state, with the latest clash occurring on May 19 in Hpakant township, according to a report by the online journal The Irrawaddy.

The ethnic armed group, which controls large swathes of northeastern Kachin state, has regularly engaged in hostilities with the Myanmar army since a cease-fire agreement collapsed in 2011.

In November 2016, the KIA teamed up with three other ethnic armed groups�the Arakan Army (AA), the Myanmar National Democratic Alliance Army (MNDAA), and the Ta’ang National Liberation Army (TNLA)�to form the Northern Alliance.

The alliance then launched coordinated attacks on 10 government and military targets in three townships in neighboring Shan state and along the105-mile border trade zone between Myanmar and China in retaliation for government army offensives against its soldiers.

The fighting resulted in heavy losses on both sides and displaced tens of thousands of civilians.

The protest by the Lisu in Kachin state comes as the Myanmar government gets ready to hold the second round of key peace talks known as the 21st Century Panglong Conference with various ethnic militias on May 24.

The KIA is not a signatory to the government’s nationwide cease-fire agreement signed with eight ethnic armed groups in October 2015.

State Counselor Aung San Suu Kyi, who is spearheading the peace initiative, previously said all ethnic armed groups would be invited attend, but the KIA has suggested that it would not take part if it was invited only as an observer to the summit, The Irrawaddy said.

Copyright (copyright) 1998-2016, RFA. Used with the permission of Radio Free Asia, 2025 M St. NW, Suite 300, Washington DC 20036

One Village Official Killed, Another Missing in Myanmar’s Restive Rakhine State

A local administration official from a village in Buthidaung township in western Myanmar’s restive Rakhine state was killed by unknown assailants on Friday, while another is missing after being abducted, a township official said.

A group of people came into Pazonchaung village and took two village officials at around 3 a.m. this morning, Kyaw Min Tun, township administrator, told RFA’s Myanmar Service.

The official who was killed had his throat slashed 90 feet from his house, and the other one is still missing, he said, adding that the attack could be connected to extremists.

Other recent deaths possibly caused by extremists blamed for a major attack on government guard posts last October have occurred in the area.

An accidental explosion of handmade bombs in Buthidaung’s Theni village on May 4 killed two people and injured three others as victims assembled bombs, according to an announcement the State Counselor’s Office.

Security personnel who checked the village the following day found bags of potassium nitrate, sulfur, coal powder, and other materials used to make bombs near a forest. They launched an investigation of the incident.

Meanwhile, 30 civilians have been killed and 22 others have gone missing in neighboring Maungdaw township since Oct. 9, 2016, when deadly attacks on three local border guard posts occurred.

Buthidaung, along with Maungdaw and Rathedaung townships in the northern part of Rakhine state, were under a four-month crackdown from October 2016 to February 2017 after the raid by a militant group that claimed to represent the country’s Muslim Rohingya community.

About 1,000 people were killed during the crackdown, and roughly 90,000 Rohingya were displaced, with most of them fleeing to neighboring Bangladesh where they are living in refugee camps.

The United Nations Security Council adopted a resolution in March to send an international fact-finding mission to Myanmar to investigate atrocities the country’s army is said to have committed against the Rohingya during the crackdown.

Rakhine state is home to about 1.1 million Rohingya, about 120,000 of whom live in internally displaced persons camps as a result of communal violence with majority Buddhists in 2012.

The Rohingya are denied basic rights, freedom of movement, and access to social services and education because they are viewed as illegal immigrants from Bangladesh, although most have lived in Myanmar for generations.

Copyright (copyright) 1998-2016, RFA. Used with the permission of Radio Free Asia, 2025 M St. NW, Suite 300, Washington DC 20036

One Village Official Killed, Another Missing in Myanmar’s Restive Rakhine State

A local administration official from a village in Buthidaung township in western Myanmar’s restive Rakhine state was killed by unknown assailants on Friday, while another is missing after being abducted, a township official said.

A group of people came into Pazonchaung village and took two village officials at around 3 a.m. this morning, Kyaw Min Tun, township administrator, told RFA’s Myanmar Service.

The official who was killed had his throat slashed 90 feet from his house, and the other one is still missing, he said, adding that the attack could be connected to extremists.

Other recent deaths possibly caused by extremists blamed for a major attack on government guard posts last October have occurred in the area.

An accidental explosion of handmade bombs in Buthidaung’s Theni village on May 4 killed two people and injured three others as victims assembled bombs, according to an announcement the State Counselor’s Office.

Security personnel who checked the village the following day found bags of potassium nitrate, sulfur, coal powder, and other materials used to make bombs near a forest. They launched an investigation of the incident.

Meanwhile, 30 civilians have been killed and 22 others have gone missing in neighboring Maungdaw township since Oct. 9, 2016, when deadly attacks on three local border guard posts occurred.

Buthidaung, along with Maungdaw and Rathedaung townships in the northern part of Rakhine state, were under a four-month crackdown from October 2016 to February 2017 after the raid by a militant group that claimed to represent the country’s Muslim Rohingya community.

About 1,000 people were killed during the crackdown, and roughly 90,000 Rohingya were displaced, with most of them fleeing to neighboring Bangladesh where they are living in refugee camps.

The United Nations Security Council adopted a resolution in March to send an international fact-finding mission to Myanmar to investigate atrocities the country’s army is said to have committed against the Rohingya during the crackdown.

Rakhine state is home to about 1.1 million Rohingya, about 120,000 of whom live in internally displaced persons camps as a result of communal violence with majority Buddhists in 2012.

The Rohingya are denied basic rights, freedom of movement, and access to social services and education because they are viewed as illegal immigrants from Bangladesh, although most have lived in Myanmar for generations.

Copyright (copyright) 1998-2016, RFA. Used with the permission of Radio Free Asia, 2025 M St. NW, Suite 300, Washington DC 20036

National Energy Services Reunited Corp. Completes $210,000,000 Initial Public Offering

NEW YORK and HOUSTON, May 17, 2017 (GLOBE NEWSWIRE) — National Energy Services Reunited Corp. (Nasdaq:NESRU) (“NESR” or the “Company”), a company formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, purchasing all or substantially all of the assets of, entering into contractual arrangements, or engaging in any other similar business combination with one or more businesses or entities, today announced the closing of its initial public offering (“IPO”) of 21,000,000 units at a price to the public of $10.00 per unit, with the offering raising gross proceeds of $210,000,000.  The units commenced trading on Friday, May 12, 2017, on The NASDAQ Capital Market (“Nasdaq”) under the symbol “NESRU.” Each unit issued in the IPO consists of one ordinary share and one warrant to acquire one-half of one ordinary share at a price of $11.50 per full share. Once the securities comprising the units begin separate trading, the ordinary shares and warrants are expected to be traded on Nasdaq under the symbols “NESR” and “NESRW”, respectively. Certain lead investors, as defined in the final prospectus, who have agreed to hold their shares through the consummation of our initial business combination and not seek redemption in connection therewith, purchased an aggregate of $60,000,000 of units in the IPO.

Maxim Group LLC and National Bank of Canada Financial Inc. acted as the joint book running managers for the offering. NESR has granted the underwriters a 45-day option to purchase up to 3,150,000 additional units to cover over-allotments, if any.

Of the proceeds received from the consummation of the IPO, $210,000,000 (or $10.00 per unit sold in the IPO) was placed in trust. An audited balance sheet of the Company as of May 17, 2017 reflecting receipt of the proceeds from the IPO will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (the “SEC”).

Ellenoff Grossman & Schole LLP acted as U.S. counsel to the Company, Ogier acted as British Virgin Islands counsel to the Company and Loeb & Loeb acted as counsel to the underwriters.

Registration statements relating to these securities were declared effective by the SEC on May 11, 2017. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

This offering was made only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained by contacting Maxim Group LLC 405 Lexington Ave, New York, NY 10174, Attn: Prospectus Department or by Tel: (800) 724-0761. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov.

About NESR

NESR, led by Sherif Foda, is a blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, purchasing all or substantially all of the assets of, entering into contractual arrangements, or engaging in any other similar business combination with one or more businesses or entities. The Company’s efforts to identify a target business will not be limited to a particular industry or geographic region, although we intend to focus our search on target businesses and assets in the energy services industry, with an emphasis on oil and gas services globally.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements”. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact:

Dhiraj Dudeja
NESR Corp
[email protected]