TGS inks LOI with Seabird Exploration for Mexico projects

TGS has signed a Letter of Intent (LoI) 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, TGS said Wednesday in its press release.  

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 is a publicly traded company with financial headquarters in Asker, Norway and is traded on the Oslo Stock Exchange under the symbol TGS. The company is led by CEO Robert Hobbs, based out of the Houston, TX, office. TGS has employees based in cities around the globe, which include offices in Asker, Houston, London, Singapore, Rio de Janeiro and Perth.