TGS announces LOA for 2D Surveys over Mexico and US Atlantic

20 November 2014OSE

ASKER (20 November 2014) - TGS announces that it has signed a Letter of Award (LOA) with Seabird Exploration to acquire up to 300,000 km of 2D seismic data over Mexico and US Atlantic waters. The LOA provides TGS access to charter up to six seismic vessels over a period of approximately 36 months.  This activity is expected to commence in 2015 subject to the issuance of seismic acquisition permits from the relevant authorities.  

"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".

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

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.

All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include TGS' reliance on a cyclical industry and principal customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data product at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

Kristian Johansen
Chief Executive Officer
Tel: +1 832-667-4795

Will Ashby
SVP Investor Relations, HR & Communication
Tel: +1 713 860 2184