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PGS rejects TGS offer for multi-client library

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Oilfield Technology,

PGS has rejected TGS's proposal to acquire its multi-client data library for US$600 million, which was made earlier this month.

The Board of PGS is of the view that the value of the company’s multi-client data library is significantly greater to PGS than that represented by the TGS proposal, and that the timing of the proposal is opportunistic given the current market backdrop and macro-economic environment. Having consulted with its financial and legal advisers, the Board of PGS has concluded that the proposal is not in the best interests of the company and its stakeholders.

Kristian Johansen, CEO of TGS, said: "We believe a consolidation and further partnership between our two companies carry strong industry logic and we have seen broad support for this following our announcement last week. We are disappointed by the unwillingness from the PGS board and management to enter into discussions to explore joint opportunities and collaboration as indicated in our offer. TGS remains committed to our strategy of industry leadership and further consolidation to deliver best in class services to our customers, while creating value for our owners and other stakeholders”.

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