SeaBird, TGS Sign LoI for 2D Seismic Data in Mexico

SeaBird Exploration Plc has signed a letter of intent with TGS-NOPEC Geophysical Company (“TGS”) to acquire up to 200,000 km of 2D seismic data in Mexico.

The LOI provides TGS access to charter up to four seismic vessels from SeaBird over a period of approximately 36 months, estimated to commence Q4 2014. The LOI is subject to the issuance of seismic acquisition permits for the offshore waters in Mexico as well as securing required prefunding for the acquisition area. The expected contract value is approximately USD 110 – 115 million.

SeaBird is a global provider of marine acquisition for 2D/3D and 4D seismic data, and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow/deep water 2D/3D and 4D market.

Press Release, April 02, 2014