TGS Acquires PDS
TGS-Nopec Geophysical Co. successfully concluded the acquisition of Parallel Data Systems, Inc. ("PDS") on May 14, 2007. Final consideration included US $56.4 million in cash and 608,865 shares of TGS, all of which have restrictions on when they can be sold. No new shares were issued related to the transaction.
The PDS transaction dramatically increases existing TGS processing capacity and provides an extensive array of new imaging technologies. The addition also provides critical mass to TGS research and development plans that will accelerate efforts to commercialize the next generation of seismic imaging technologies, including wide azimuth 3D.
PDS will continue to provide proprietary imaging services to external customers and play a vital role in the processing of TGS' own surveys. TGS expects the PDS acquisition to generate approximately USD 15 million in net revenues for contract imaging services between now and the end of 2007. While the PDS acquisition will deliver cost efficiencies in processing future TGS multi-client projects, the impact will not materially change management's expectations for multi-client investments and average amortization rates for the year 2007.
TGS-Nopec Geophysical Co. is a leading global provider of multi-client geoscientific data, associated products and services to the oil and gas industry. TGS specializes in the creation of non-exclusive seismic surveys worldwide. The company also provides advanced depth imaging solutions and software through its TGS Imaging division. A2D Technologies, a wholly-owned subsidiary, is the energy industry's well log data marketplace offering the largest online database, immediate delivery, conversion services, data management services and worldwide well log data sourcing.
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Company: Parallel Data Systems, Inc. (PDS) more info
- TGS Acquires PDS (May 15)
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