The merger between PGS and TGS is expected to be complete July 1 and will establish the combined entity as a full-service geophysical data company. (Source: Hart Energy Archives, Shutterstock, TGS, PGS)
PGS and TGS’ pending merger has received its final regulatory approval from the U.K. Competition and Markets Authority (CMA), according to PGS’ June 11 press release.
The merger, announced Sept. 18, 2023, was previously cleared by the Norwegian Competition Authority on April 17.
With regulatory conditions satisfied, the merger is expected to be complete July 1 and will establish the combined entity as a full-service geophysical data company.
Once the merger is completed, TGS shareholders will earn approximately two-thirds of the combined company and PGS shareholders approximately one-third, the companies said in the deal’s initial announcement.
" I believe that the merger will benefit all stakeholders,” said Rune Olav Pedersen, president and CEO of PGS. “The combined company will provide a more complete and diversified geophysical offering to customers, more opportunities for employees and value to shareholders."
Recommended Reading
E&P Highlights: Dec. 30, 2024
2024-12-30 - Here’s a roundup of the latest E&P headlines, including a substantial decline in methane emissions from the Permian Basin and progress toward a final investment decision on Energy Transfer’s Lake Charles LNG project.
E&P Highlights: Jan. 6, 2025
2025-01-06 - Here’s a roundup of the latest E&P headlines, including company resignations and promotions and the acquisition of an oilfield service and supply company.
Analysts’ Oilfield Services Forecast: Muddling Through 2025
2025-01-21 - Industry analysts see flat spending and production affecting key OFS players in the year ahead.
Exxon Seeks Permit for its Eighth Oil, Gas Project in Guyana as Output Rises
2025-02-12 - A consortium led by Exxon Mobil has requested environmental permits from Guyana for its eighth project, the first that will generate gas not linked to oil production.
E&P Highlights: Jan. 21, 2025
2025-01-21 - Here’s a roundup of the latest E&P headlines, with Flowserve getting a contract from ADNOC and a couple of offshore oil and gas discoveries.
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.