Norwegian data companies PGS and TGS completed their merger, the companies announced July 1. (Source: Shutterstock.com)
Norwegian companies PGS and TGS completed a merger to create a full-service energy data company.
The combination, announced in September 2023, is expected to create a full-service geophysical data company with offerings in streamer data acquisition, ocean bottom node data acquisition, imaging and new energy data.
TGS’ CEO Kristian Johansen and CFO Sven Børre Larsen are staying on in their respective roles in the new company.
"This is more than a merger of two companies," said Kristian Johansen, CEO at TGS. "It's a blending of strengths, uniting our robust financial performance, exceptional customer service, operational excellence, cutting-edge technology and innovation.”
Under terms of the agreement, TGS shareholders would earn approximately two-thirds of the new company’s shares, and PGS shareholders approximately one-third of the new company. The TGS consideration shares will be delivered to eligible former PGS shareholders on July 4.
The cash consideration of the transaction will be paid on July 9.
The merger received regulatory approval from Norwegian authorities in April.
RELATED
Recommended Reading
Kissler: Wildcards That Could Impact Oil, Gas Prices in 2025
2024-11-26 - Geopolitics and weather top the list of trends that will determine the direction of oil and gas.
Marcellus Waiting to Exhale But Held Back by Regional, Economic Factors
2024-11-06 - After years of exploitation as one of the country’s first unconventional shale plays, the Marcellus still has plenty of natural gas for producers, even if regional and economic factors have kept much of it bottled up.
Long-Debated Alaskan NatGas Project Comes Into Focus
2024-11-20 - Pantheon Resources steps up with proposal to bring natural gas to the southern part of the state.
EPA Gives OK to Texas GulfLink Deepwater Port
2024-11-04 - Sentinel Midstream’s Texas GulfLink project is one of several proposals for an offshore oil terminal in the Gulf.
Natural Gas Storage Moves Closer to Average
2024-10-17 - Producers put 76 Bcf of natural gas into U.S. storage—a little less than market expectations—as the traditional storage season nears an end and prices continue to fall.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.