TGS Signs LOI for Seabird Exploration Seismic Vessel Charters

Norway-based TGS informs that it has signed a Letter of Intent with Seabird Exploration to charter up to four 2D seismic vessels to be used over the next 36 months.  The Letter of Intent gives TGS priority rights to the vessels subject to the issuance of seismic acquisition permits for the offshore waters of Mexico.

In December 2013, Mexico's Congress gave final approval to a historic energy reform bill that ends the 75-year state monopoly of the country's oil and gas industry and invites foreign investment.

"The publicly announced legislative changes will allow for outside investment in exploration projects in Mexico, including geophysical surveys.  TGS is prepared to acquire a regional 2D program as soon as regulations are in place and permits are in-hand", stated Rod Starr, Senior VP Western Hemisphere for TGS.

About TGS   
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, permanent reservoir monitoring and data integration solutions.