SeaBird Agrees Mexico 2D Seismic Deal with TGS

Seismic survey firms SeaBird Exploration and TGS-NOPEC Geophysical Company have agreed a deal to acquire up to 77,000 square miles of 2D seismic data offshore Mexico.

A letter of intent between the two firms will provide TGS access to charter up to four seismic vessels from SeaBird over a period of approximately 36 months, estimated to begin in 4Q 2014. The deal is subject to the issuance of seismic exploration permits by Mexico as well as the securing of funding for the project.

SeaBird said the expected contract is for between $110 million and $115 million.