TGS-NOPEC (TGS) is a worldwide provider of geo-scientific data to the offshore oil and gas industry, who uses the data to explore for hydrocarbons. TGS invests in projects that make up the data library of seismic, imaging and well data. The proprietary data library is licensed to clients on a non-exclusive basis (MultiClient). TGS does not possess its own vessels but uses contracted vessels and crews from external service providers. The Company’s vessel capacity consists of long- and short-term charters, giving TGS flexibility to scale the capacity based on the market, clients’ and internal needs. The oil price and hence oil companies’ exploration & production budgets are the main drivers of the geophysical service industry. Seismic demand is therefore highly correlated with the oil price.