New Wave Media

July 2, 2024

Norway’s Seismic Firms TGS and PGS Complete Merger

(Credit: PGS)

(Credit: PGS)

Norway-based seismic firms TGS and PGS have officially completed their merger, creating a ‘premier’ energy data company.

After clearing all regulatory hurdles for the merger, the most recent of which was the approval from the UK Competition and Markets Authority, TGS and PGS have launched a new chapter under the same company umbrella.

The merger of TGS and PGS forms a powerhouse in the energy sector, enhancing its capabilities to support energy exploration and production on a global scale.

The integration will enable companies to leverage a wider pool of technological resources and expertise, significantly boosting the operational efficiency, innovation and customer engagement strategies.

Completion of the merger has been registered with the Norwegian Register of Business Enterprises.

As a result, and following the issuance of the merger consideration shares to the former shareholders of PGS, the new share capital of TGS is NOK 49,068,323.25 divided on 196,273,293 shares, each with a nominal value of NOK 0.25.

The TGS consideration shares will be delivered to the eligible former PGS shareholders on July 4, 2024. In addition, the former PGS shareholders will receive a compensation of NOK 0.20419 in cash per each former PGS share held, as per the terms of the merger, with the cash compensation set to be paid on July 9, 2024.

"This is more than a merger of two companies. It's a blending of strengths, uniting our robust financial performance, exceptional customer service, operational excellence, cutting-edge technology and innovation.

“Our new executive team is poised to drive forward these advancements with a fresh strategic vision, ensuring that our combined expertise translates into greater value for our customers and shareholders; while our new brand identity captures our commitment to being a strategic partner for energy companies worldwide, providing the insights and solutions needed for today and anticipating the challenges of tomorrow,” said Kristian Johansen, CEO at TGS.

TGS has formed a new executive team, combining the strengths and expertise of both companies.

The team comprises Kristian Johansen, as Chief Executive Officer, Sven Borre Larsen, Chief Financial Officer, Rob Adams, EVP Operations, Whitney Eaton, EVP Sustainability and Communication, Wadii El Karkouri, EVP Imaging and Technology, David Hajovsky, EVP Multi-client, and Carel Hooijkaas, EVP New Energy Solutions, to name a few.

TGS also unveiled its new brand identity today. The redesigned TGS logo represents a blend of heritage, innovation, and financial strength. It maintains elements from the PGS brand, symbolizing the company’s ongoing leadership in technology and operational excellence.

"Our refreshed brand identity signifies a strategic evolution in our journey. It combines our historical strengths with a progressive outlook, ensuring we remain at the forefront of the energy sector. We're excited to launch this new chapter with a clear vision and a strengthened commitment to our stakeholders,” added Johansen.

The February 2024 edition of Marine Technology Reporter is focused on Oceanographic topics and technologies.
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