TGS, SeaBird Ink US – Mexico Seismic Deal

TGS has signed a Letter of Award with SeaBird Exploration to acquire up to 300,000 km of 2D seismic data over Mexico and US Atlantic waters.

This announcement is further to a Letter of Intent issued April 1, 2014 for Mexico which was announced April 2, 2014.

The LOA provides TGS access to charter up to six seismic vessels from SeaBird over a period of approximately 36 months, and is estimated to start 1H 2015, subject to issuance of permits to TGS.

The survey will cover a minimum of 150,000 km and up to 300,000 km in one or more of the areas, Mexico and US Atlantic waters, and will have an estimated value between USD88 million (minimum program) and USD176 million (full 300,000km).

“TGS is pleased to have secured customer funding and access to seismic vessels for the regional 2D activity that is targeted for 2015,” stated Rod Starr, Senior VP Western Hemisphere for TGS. “There is a high level of oil company interest in Mexico and US Atlantic and we believe that these will be important regions for future exploration”.