The transaction will enhance TGS’ position as a leading multi-client geophysical data provider with a 2D and 3D seismic data library covering all major mature and frontier basins worldwide.
Spectrum owns the world’s largest 2D library and has successfully built a substantial presence in the South Atlantic and other important frontier regions. With TGS’ extensive library and financial robustness, the combined entity will be well positioned to accelerate 3D seismic investment plans in an improving market.
The transaction thereby creates a leading multi-client geophysical data provider in all major mature and frontier basins worldwide.
Furthermore, the combined libraries will have a scale that will help accelerate TGS’ data analytics strategy.
The transaction is supported by the board of directors of each of the companies, as well as Spectrum shareholders representing more than 34 %.
“The strategic combination of TGS and Spectrum will form a stronger and better company with a world-class data library, people and opportunities. We look forward to joining forces with TGS. There are strong strategic benefits from combining the companies, and we believe we can enhance our growth as part of a larger combined company,” stated Rune Eng, President & Chief Executive Officer of Spectrum.
“Over the past years, Spectrum has been through a growth phase with particular focus on establishing profitable positions in non-mature exploration basins, especially along the Atlantic margin. TGS’ interest in Spectrum is a manifestation of the solid position built by the Spectrum organization over a long time. Being ready for the next phase of the strategic growth plan, TGS is an excellent match, with its asset-light multi-client strategy and strong balance sheet”, stated Pål Stampe, Chairman of the board of Spectrum.