SeaBird secures $176-million LOA from TGS for 2D surveys in Mexico and US

15 December 2014

SeaBird Exploration has secured a letter of award, worth about $176 million, from TGS-NOPEC Geophysical (TGS) to undertake 2D seismic surveys in Mexico and the US Atlantic.

TGS will charter up to six seismic vessels for about three years, and the survey will cover 150,000-300,000km² in Mexico and US Atlantic waters.

Work is expected to begin in the first half of 2015, subject to the issuance of acquisition permits to TGS, and is estimated to value from $88 million for 150,000km to $176 million for 300,000km.

TGS Western Hemisphere senior vice-president Rod Starr said: "TGS is pleased to have secured customer funding and access to seismic vessels for the regional 2D activity that is targeted for 2015.

"There is a high level of oil company interest in Mexico and the US Atlantic, and TGS Western Hemisphere believes that these will be important regions for future exploration."

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