TGS Signs 2D Letter of Intent for Mexico Projects

TGS Signs 2D Letter of Intent for Mexico Projects 
ASKER, NORWAY -- (Marketwired) -- 04/02/14 --  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. 
Company summary  
TGS-NOPEC Geophysical Company (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.
 For more information visit TGS online at 
Forward-looking statements and contact information 
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 products 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
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock
Exchange (OSLO: TGS). 
TGS sponsored American Depositary Shares trade on the U.S.
over-the-counter market under the symbol "TGSGY". 
For additional information about this press release please contact:  
Kristian Johansen
Chief Financial Officer
Cell: +47 47 60 33 34
Will Ashby
Director Finance Western Hemisphere & Investor Relations
Tel: +1 713 860 2184
Press spacebar to pause and continue. Press esc to stop.