TGS submits offer for PGS data library
Published by Nicholas Woodroof,
Editor
Oilfield Technology,
Under the offer, PGS would, upon consummation of the sale, receive a cash consideration of US$600 million. In addition, TGS has proposed that the parties enter into a post-closing collaboration agreement for future PGS multi-client projects, which also would include certain preferential rights for PGS to offer their 3D-fleet for future TGS data acquisition.
The offer will be financed by on-balance cash, a new term loan facility of US$200 million and new equity, and is valid until 16 August 2020.
Commenting on the offer, Kristian Johansen, CEO of TGS said:
“We see a strong complement between our existing business and the PGS data library and the opportunity to leverage our expertise and scale to improve returns. Concurrently, a refocused and refinanced PGS will be a world-leading and highly innovative provider of acquisition technology and marine acquisition capacity, providing a strong platform for creating long-term value for the company´s stakeholders. The proposed transaction is thus aimed at safeguarding customers’ access to leading acquisition technology, high-quality data acquisition capacity and top tier data processing capabilities, whether they choose to purchase data through the contract model or the multi-client model. We believe the consolidation and further partnership between our two companies carries a strong industry logic and we look forward to initiate the dialogue with the management and board of PGS.”
Read the article online at: https://www.oilfieldtechnology.com/exploration/07082020/tgs-submits-offer-for-pgs-data-library/
You might also like
Global recoverable oil reserves hold steady at around 1500 billion bbl
Rystad Energy’s latest research shows global recoverable oil reserves held largely steady at around 1500 billion bbl, down some 52 billion bbl from the company’s 2023 analysis.