Seismic giants agree to a $864-million merger

Norway

OSLO, September 19, 2023 – TGS and PGS have agreed to consolidate their operations in a merger valued at around USD 864 million, the two Norwegian geophysical services companies announced on Monday.

The combined company will have a fully diluted market cap of around USD 2.62 billion and consist of a fleet of seven 3D data acquisition vessels.

Following the completion of the transaction, TGS will own around two thirds of the shares in the combined company, with the rest owned by PGS.

The merger agreement is expected to be entered into in October 2023 and completed in H1 2024.

“We are excited to announce a merger with PGS, completing a major milestone of building a fully integrated and robust global energy data provider,” said Kristian Johansen, CEO of TGS.

“Bringing together two distinct yet complementary companies positions us even better for a continued upcycle in the energy sector.”