TGS Acquires Arcis Seismic Solutions
(Thomson Reuters ONE) -
Houston, Texas and Asker, Norway (15 June 2012) - TGS-NOPEC Geophysical Company
("TGS") announces the acquisition of Calgary-based Arcis Seismic Solutions Corp.
The total equity value is approximately US $51 million, reflecting an enterprise
value of US $72 million, based on net debt at the date of acquisition.
Arcis is a privately owned geophysical company founded in 1996 with a head
office located in Calgary, Alberta Canada and a strong regional business
development presence in Latin America (Colombia) and the Middle East/North
Africa (Cyprus). Arcis has built one of the most modern 3D seismic data
libraries in the Western Canadian Sedimentary Basin. The 3D multi-client
library consists of 12,689 km(2) with core activity in many prolific hydrocarbon
trends in Alberta, British Columbia and Saskatchewan (including Bakken, Horn
River, Montney and Duvernay). Arcis has complemented its data library through
offering global seismic solutions that include seismic data processing (using
its APX(TM) processing platform), reservoir analysis, geoconsultancy and project
management. Arcis employs over 80 professional and technical personnel who have
a broad range of skills, expertise and experience. In 2010 and 2011, Arcis
generated average annual revenues of CAD 50 million.
As a wholly-owned subsidiary of TGS, Arcis will continue to invest in multi-
client projects in Canada, provide proprietary imaging services to external
customers worldwide and will play a vital role in the processing of TGS' own
multi-client surveys. The Arcis acquisition will allow TGS to grow into the
onshore multi-client and imaging business in Canada and other markets served by
Arcis. This acquisition further strengthens TGS' ability to meet its recently
revised guided revenue and investment targets for 2012. The acquisition will
be consolidated into TGS accounts as of 1 July 2012.
Robert Hobbs, Chief Executive Officer of TGS, views the Arcis acquisition as an
excellent opportunity to expand the core TGS business into a new geographic
market. "The acquisition of Arcis brings TGS into the very important Canadian
seismic market and again increases TGS' processing capabilities and research and
development efforts. The common focus on multi-client data and imaging services,
as well as the strong alignment of brand, vision and core values between Arcis
and TGS, makes for a powerful combination."
Brad Torry, President & CEO of Arcis added, "We are excited about the synergies
and opportunities the business combination brings to our clients, our staff and
the geophysical community. The integrated business models of Arcis and TGS allow
both organizations to meet their expansion goals, adds immediate value and
provides an avenue for continued growth. We are excited to join the TGS family
and expand our global presence."
Company summary
TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data and
services to oil and gas Exploration and Production companies around the globe.
TGS' geophysical and geological data products include multi-client seismic
libraries, permanent reservoir monitoring, magnetic and gravity data, the
industry's largest global database of digital well logs and regional
interpretive products. TGS also provides high-end depth imaging services to help
resolve complex seismic imaging problems. For more information visit TGS online
at www.tgs.com.
Forward-looking statements and contact information
All statements in this press release other than statements of historical fact
are forward-looking statements, which are subject to a number of risks,
uncertainties and assumptions that are difficult to predict, and are based upon
assumptions as to future events that may not prove accurate. These factors
include TGS' reliance on a cyclical industry and principal customers, TGS'
ability to continue to expand markets for licensing of data, and TGS' ability to
acquire and process data products at costs commensurate with profitability.
Actual results may differ materially from those expected or projected in the
forward-looking statements. TGS undertakes no responsibility or obligation to
update or alter forward-looking statements for any reason.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange
(OSLO:TGS).
For additional information about this press release please contact:
Kristian Johansen
Chief Financial Officer
Office: +47 66 76 99 00
Cell: +47 47 60 33 34
Email: kristian.johansen(at)tgs.com
Karen El-Tawil
VP, Business Development
Office: +1 713 860 2102
Email: karen.el-tawil(at)tgs.com
Brad Torry
President & CEO of Arcis
Office: +1 403 818 9356
Email: btorry(at)arcis.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: TGS via Thomson Reuters ONE
[HUG#1619879]
Unternehmensinformation / Kurzprofil:
Datum: 15.06.2012 - 07:50 Uhr
Sprache: Deutsch
News-ID 156873
Anzahl Zeichen: 6000
contact information:
Town:
Asker
Kategorie:
Business News
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