TGS, PGS merger creates seismic mega-player

Norway

OSLO, July 1, 2024 – The USD 862-million merger between Norwegian geophysical services companies TGS and PGS has been completed, Upstream Online reported on Monday.

The move creates the largest seismic player worldwide, boasting a fleet of seven 3D data acquisition vessels. It will operate under the legal entity TGS.

TGS now owns around two thirds of the shares in the combined company, with the rest owned by PGS.

When the merger was announced in September, it was projected that the combined company would have a fully diluted market cap of around USD 2.62 billion.

“Bringing together two distinct yet complementary companies positions us even better for a continued upcycle in the energy sector,” TGS CEO Kristian Johansen said at the time.