A MOU has been executed for a cooperation agreement between Spectrum, PGS and Schlumberger in Mexico. The collaboration will acquire 80,000 - 100,000 km of modern, long-offset 2D data encompassing all the major hydrocarbon provinces offshore Mexico. This includes areas currently on offer for Mexico's Round 1 in the Perdido Fold Belt, Mexican Ridges Province, Campeche Deep Sea Basin and will also provide seamless coverage across the Yucatan Platform tying to Spectrum's Big Wave program in the eastern area of the US Gulf of Mexico.

The previously announced PGS MultiClient Mexico Well Tie program, which commenced on May 16, 2015, will be included in this collaboration. Two GeoStreamer vessels have already acquired over 10,000 line kilometers with Fast Track products available as part of this program. Spectrum and Schlumberger commenced operations on June 10 with a third vessel, and an additional vessel is enroute to commence operations in early July. These strategically placed surveys will help provide greater insight to clients preparing for Round 1.

Richie Miller, President Spectrum Inc, comments: "Spectrum is confident this cooperation with Schlumberger and PGS will provide outstanding data to industry in a timely manner before Round 1 and future rounds to come."

Gregg Parker, Regional President MultiClient North & South America, comments: "PGS is excited with the collaboration which links three of the leading geophysical companies in the world. The Program is designed to allow delivery of the highest-quality data in the shortest timeframe to our clients. Mexico is a tremendous investment environment and this collaboration will help support further industry investment into this highly prospective area."

These surveys are supported by industry pre-funding.

Tags: PGS, Schlumberger, Spectrum ASA