TGS to Buy Seismic Data Library from Polarcus

Norway's TGS announced Monday that it has signed a letter of intent to acquire fellow seismic survey firm Polarcus's multi-client library, with the exception of Australian seismic data, for $27.5 million. Polarcus will continue to have rights to revenue share from the library after TGS has realized a predetermined return on its initial investment, the company added.

The multi-client library in Northwest Europe and West Africa consists of 22 3D seismic surveys comprising a total area of 14,900 square miles and one 2D survey comprising more than 3,000 miles. The data covers prime locations within the established hydrocarbon provinces of six countries along the western Atlantic margin corridor since 2011.

TGS CEO Robert Hobbs commented in a company statement:

"We are pleased to announce a letter of intent to acquire a high-quality multi-client library in key areas of future growth for TGS. This acquisition significantly strengthens our 3D-position in established areas in UK, Norway and West Africa and is very complimentary to our existing database with minimal overlap."

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