TGS said it plans to acquire more than 36,000km of 2D seismic data using two vessels during its 2016 season.
TGS said it expects its net revenues for the first quarter of this year to be $64million.
Malaysia has opened up its territorial waters in a bid to stimulate offshore E&P investment activity.
TGS has appointed a new chief executive to take over the company.
TGS said its operating revenues were down by more than 50% in the final quarter of last year compared with the same time in 2014. The seismic company said it also expects its full year revenues to be down by one third, with weak market conditions expected to continue into 2016.
Seismic specialist TGS said it will be reducing its global headcount by up to 130 jobs. The Norwegian company said the move has been made in a bid to improve efficiency and competitiveness during challenging market conditions.
Share in TGS have been boosted by better than expected third quarter results. The seismic company has had to reduce costs as oil and gas companies have stripped back spending on exploration in a bid to deal with lower prices.
Norwegian oil and gas geoscience specialists TGS have seen a slight dip in their third quarter profits compared with 2013. The company’s net revenues were $190million, $1million less since the same time last year.