TGS Shareholders Approve Spectrum Acquisition

Seismic survey company TGS-NOPEC Geophysical Company (TGS) said its shareholders have approved a deal to acquire rival Spectrum ASA.

Kristian Johansen, Chief Executive Officer of TGS, said, “Spectrum’s portfolio will enhance TGS’ position as a leading multi-client geophysical data provider covering all mature and frontier basins. Spectrum’s extensive 2D library also furthers TGS’s data analytics strategy, where access to large amounts of data is a key success factor.”

The transaction is expected to close in the third quarter of 2019, TGS said.