Norwegian seismic firms TGS and PGS have secured final regulatory approval for their merger, forming a premier energy data company.
The UK Competition and Markets Authority (CMA) granted the last needed approval, following the Norwegian authority’s clearance in April 2024.
“TGS is pleased to note that all conditions for the merger have been fulfilled now that we have received CMA clearance. We look forward to completing the merger on July 1, 2024, and bringing the strength and breadth of our combined service offerings to the market,” said Kristian Johansen, Chief Executive Officer of TGS.
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“With clearance from the CMA, all merger conditions are satisfied. I believe that the merger will benefit all stakeholders. The combined company will provide a more complete and diversified geophysical offering to customers, more opportunities for employees, and value to shareholders,” added Rune Olav Pedersen, President and Chief Executive Officer (CEO) of PGS
The amalgamated company will stand as a force to be reckoned with across various verticals, encompassing multi-client data, streamer data acquisition, ocean bottom node (OBN) data acquisition, imaging, and groundbreaking energy data.
