TGS Completes Spectrum Acquisition
TGS-NOPEC Geophysical Company ASA has completed its acquisition of Spectrum ASA.
The development creates a “leading global multi-client geophysical data provider”, according to TGS, which announced that it was acquiring Spectrum on May 2.
“We are pleased to have formally closed the transaction to acquire Spectrum,” Kristian Johansen, CEO of TGS, said in a company statement.
“Spectrum's portfolio will enhance TGS' position as a leading multi-client geophysical data provider covering all mature and frontier basins. The acquisition fits well with our asset-light business model and provides significant momentum to deliver on our long-term strategy,” he added.
“Further, the combination of TGS and Spectrum has been well received by our clients who will benefit from our comprehensive data library, quality and service,” Johansen continued.
In a company statement published on May 2, Rune Eng, the president and CEO of Spectrum, said the combination of TGS and Spectrum “will form a stronger and better company”.
TGS noted in its May 2 announcement that the combination “will benefit from significant cost synergies with a preliminary estimate of approximately $20 million annually”.
In 1981, TGS was founded in Houston and NOPEC was founded in Oslo, Norway. In 1998, the companies merged to form TGS-NOPEC Geophysical Company. The company’s corporate headquarters are located in Asker, Norway, and its operational headquarters are located in Houston.
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