Norway’s Seismic Firms PGS and TGS Officially Become One
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Loading... - Dalia Taha
- 03 Jul 2024
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Norway-headquartered seismic companies PGS and TGS have formally completed their merger, following the final regulatory approval obtained some twenty days ago.
Back in September 2023, TGS and PGS announced their agreement on principal terms to combine their two firms and create a strong full-service energy data company. The companies’ shareholders gave their support for the merger in December, followed by clearance from the Norwegian Competition Authority this April and then from the UK Competition and Markets Authority (CMA) earlier this month, which was the final regulatory approval required.
The completion of the merger was registered with the Norwegian Register of Business Enterprises on July 1. 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.
As announced earlier, the TGS consideration shares will be delivered to the eligible former PGS shareholders on July 4. In addition, the former PGS shareholders will receive a compensation of NOK 0.20419 in cash per each former PGS share held, with the cash compensation to be paid on July 9.
A New Chapter for Energy Data
“This is more than a merger of two companies,” said Kristian Johansen, CEO at TGS. “It’s a blending of strengths, uniting our robust financial performance, exceptional customer service, operational excellence, cutting-edge technology and innovation. Our new executive team is poised to drive forward these advancements with a fresh strategic vision, ensuring that our combined expertise translates into greater value for our customers and shareholders; while our new brand identity captures our commitment to being a strategic partner for energy companies worldwide, providing the insights and solutions needed for today and anticipating the challenges of tomorrow.”
TGS noted that the integration would enable it to leverage a wider pool of technological resources and expertise, significantly boosting its operational efficiency, innovation, and customer engagement strategies. More information on the vision for the new company will be presented at a Capital Markets Day on August 29.
New Leadership and Brand Identity
The newly formed executive team at TGS combines the strengths of both companies and comprises:
- Kristian Johansen, CEO (Houston)
- Sven Borre Larsen, CFO (Oslo)
- Rob Adams, EVP Operations (Oslo)
- Whitney Eaton, EVP Sustainability and Communication (Houston)
- Wadii El Karkouri, EVP Imaging and Technology (Houston)
- David Hajovsky, EVP Multi-client (Houston)
- Carel Hooijkaas, EVP New Energy Solutions (Houston)
- Nathan Oliver, EVP Contract (Houston)
- Kristin Omreng, EVP People and Culture (Oslo)
- Tana Pool, EVP Legal (Houston)
TGS also unveiled its new brand identity, with a redesigned logo representing a blend of heritage, innovation, and financial strength.
“Our refreshed brand identity signifies a strategic evolution in our journey,” Johansen added. “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.”
FAQ
Q: What was the final step needed for the PGS and TGS merger to complete? A: The final step was obtaining clearance from the UK Competition and Markets Authority (CMA), which was granted earlier this month.
Q: When was the merger registered with the Norwegian Register of Business Enterprises? A: The merger was registered on July 1.
Q: What compensation will former PGS shareholders receive? A: Former PGS shareholders will receive TGS consideration shares on July 4 and a cash compensation of NOK 0.20419 per each former PGS share on July 9.
Q: Who are some key members of the new TGS executive team? A: The team includes Kristian Johansen (CEO), Sven Borre Larsen (CFO), Rob Adams (EVP Operations), Whitney Eaton (EVP Sustainability and Communication), and several other leaders combining expertise from both companies.
Q: When will TGS present more information about its future vision? A: More information will be presented at a Capital Markets Day on August 29.
