TGS Signs LOI to Charter up to Four 2D Seismic Vessels

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.