Norway’s Seismic Firms TGS and PGS Complete Merger
In a significant development in the energy sector, Norway-based seismic firms TGS and PGS have officially completed their merger, creating a premier energy data company. The merger has cleared all regulatory hurdles, including the approval from the UK Competition and Markets Authority, and has launched a new chapter under the same company umbrella.
Image: Energy Data
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 operational efficiency, innovation, and customer engagement strategies.
“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.”
The new executive team, combining the strengths and expertise of both companies, is poised to drive forward these advancements with a fresh strategic vision, ensuring that the combined expertise translates into greater value for customers and shareholders. The team comprises Kristian Johansen as CEO, Sven Borre Larsen as CFO, Rob Adams as EVP Operations, Whitney Eaton as EVP Sustainability and Communication, Wadii El Karkouri as EVP Imaging and Technology, David Hajovsky as EVP Multi-client, and Carel Hooijkaas as EVP New Energy Solutions, to name a few.
Image: Energy Sector
TGS has also unveiled its new brand identity, which represents a blend of heritage, innovation, and financial strength. The redesigned logo 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 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.
Image: Energy Data
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.
