Skip to main content

TGS set to acquire Polarcus' multi-client seismic library

Published by , Editor
Oilfield Technology,


TGS has recently entered into a letter of intent to acquire Polarcus’ multi-client library, including areas in the UK, Norway and West Africa but excluding Australia. The transaction is subject to due diligence and final definitive documents and the target closing date is on or before 31 July 2015. The acquisition will total approximately US$27.5 million.

Attractive investment opportunities

The transaction will be financed using cash and, in order to maintain its strong balance sheet and liquidity position, TGS has received a commitment from its existing lender to expand the current credit facility to US$75 million. This will enable the TGS to continue to pursue attractive investment opportunities within a challenging market.

Polarcus’ multi-client seismic library spreads across Northwest Europe and West Africa and consists of 22 3D seismic surveys, encompassing a total area of 40 000 km2, and one 2D survey comprising 5000 km.

Polarcus will continue to have rights to revenue share from the library after TGS has realised a predetermined return on its initial investment.

Strengthens TGS’ 3D-position

"We are pleased to announce a letter of Intent to acquire a high-quality multi-client library in key areas of future growth for TGS. This acquisition significantly strengthens our 3D-position in established areas in UK, Norway and West Africa and is very complimentary to our existing database with minimal overlap," stated Robert Hobbs, CEO of TGS.


Adapted from press release by David Bizley

Read the article online at: https://www.oilfieldtechnology.com/exploration/30062015/tgs-set-to-acquire-polarcus-multi-client-seismic-library/

You might also like

 
 

Embed article link: (copy the HTML code below):


 

This article has been tagged under the following:

Oil & gas news