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.
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