TGS Inks 12-Month Contract for BOS Arctic 3D Seismic Vessel

TGS has signed a mutually binding letter of intent to enter into a contract with Bergen Oilfield Services AS (BOS) for the recently converted M/V BOS Arctic 3D seismic vessel. The contract begins in November 2008 and lasts for a minimum period of 12 months with an option for TGS to contract one of BOS's 3D vessels for another 12-month period under the same commercial terms. The BOS Arctic has already successfully completed two projects since her launch in June 2008.

With this agreement TGS will have three 3D vessels under charter for all or part of 2009. TGS currently expects the BGP Pioneer 3D vessel to be off charter for approximately the first nine months in 2009, before returning for another nine months of charter time beginning in the autumn of 2009.

Robert Hobbs, TGS Chief Operating Officer, commented, "We look forward to using the BOS Arctic to grow our 3D seismic library over the next two years and are excited to be working with the experienced team in Bergen Oilfield Services."