TGS signs 2D Letter of Intent for Mexico projects

02 April 2014OSE

ASKER (2 April 2014) - TGS announces 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. 

The details of the individual projects to be completed under this charter will be announced separately.



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