TGS announced Wednesday that it has, together with Petroleum Geo-Services ASA (PGS), agreed principal terms and conditions for jointly acquiring the majority of the multi-client library of Dolphin UK Ltd.
The parties expect to enter into a definitive agreement for the acquisition in the near future, although no specific date has yet been announced.
"The Dolphin library is a good strategic fit for TGS and will add to our already strong position in areas such as the Barents Sea, the North Sea, NW Africa and Australia, including several surveys where TGS currently holds a joint interest with Dolphin,” said Kristian Johansen, CEO of TGS.
“With this acquisition we are continuing to execute on our active consolidation strategy. This transaction will be the second strategic library acquisition TGS has concluded in this down cycle, following the purchase of most of the Polarcus library last year. We are excited to enter into this transaction together with PGS, and it positions us well for further cooperation in these prospective areas," he added.
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