PGS and TGS-NOPEC Geophysical Company ASA («TGS») have jointly agreed principal terms and conditions for purchase of a majority of the MultiClient library of Dolphin UK Ltd («Dolphin»). PGS and TGS will make this purchase on a 50/50 basis.
PGS CEO Jon Erik Reinhardsen:
«The Dolphin MultiClient library is a good strategic fit for PGS, especially the surveys covering the North West shelf of West Africa and the Barents Sea. MultiClient library consolidation is positive for the seismic industry and adds good value to the acquiring companies when surveys are purchased at a significant discount to book values,» says Jon Erik Reinhardsen, President & CEO of PGS. «We are excited to do this transaction together with TGS, as it opens up for further cooperation in these prospective areas,» he added.
TGS CEO Kristian Johansen:
«The Dolphin library is a good strategic fit for TGS and will add to our already strong position in areas such as the Barents Sea, the North Sea, NW Africa and Australia, including several surveys where TGS currently holds a joint interest with Dolphin. With this acquisition we are continuing to execute on our active consolidation strategy. This transaction will be the second strategic library acquisition TGS has concluded in this down cycle, following the purchase of most of the Polarcus library last year,» stated Kristian Johansen, CEO of TGS. «We are excited to enter into this transaction together with PGS, and it positions us well for further cooperation in these prospective areas,» he added.