TGS - Letter of Intent signed to acquire Polarcus' multi-client library
(Thomson Reuters ONE) -
ASKER, NORWAY (29 June 2015) - TGS has today entered into a Letter of Intent to
acquire Polarcus' multi-client library, with the exception of Australia, for a
price of USD 27.5 million on a cash and debt free basis. The transaction is
subject to due diligence and final definitive documents with target closing date
on or before July 31, 2015. Polarcus will continue to have rights to revenue
share from the library after TGS has realized a predetermined return on its
initial investment.
The multi-client library in Northwest Europe and West Africa consists of 22 3D
seismic surveys comprising a total area of 40,000 sq. km and one 2D survey
comprising 5,000 linear km. The data covers prime locations within the
established hydrocarbon provinces of six countries along the western Atlantic
margin corridor since 2011.
"We are pleased to announce a Letter of Intent to acquire a high-quality multi-
client library in key areas of future growth for TGS. This acquisition
significantly strengthens our 3D-position in established areas in UK, Norway and
West Africa and is very complimentary to our existing database with minimal
overlap," stated Robert Hobbs, CEO, TGS.
The transaction will be financed with cash and in order to maintain its strong
balance sheet and liquidity position, TGS has received a commitment from its
existing lender to expand the current credit facility to USD 75 million. This
will enable the company to continue to pursue attractive investment
opportunities in a challenging market.
Company summary
TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil
and gas Exploration and Production companies worldwide. In addition to
extensive global geophysical and geological data libraries that include multi-
client seismic data, magnetic and gravity data, digital well logs, production
data and directional surveys, TGS also offers advanced processing and imaging
services, interpretation products and data integration solutions.
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).
TGS sponsored American Depositary Shares trade on the U.S. over-the-counter
market under the symbol "TGSGY".
For additional information about this press release please contact:
Kristian Johansen
COO/Interim CFO
Tel: +47 47 60 33 34
Email: kristian.johansen(at)tgs.com
Will Ashby
Director Finance Western Hemisphere & Investor Relations
Tel: +1 713 860 2184
Email: will.ashby(at)tgs.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
TGS Library:
http://hugin.info/86869/R/1932359/695168.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1932359]
Unternehmensinformation / Kurzprofil:
Datum: 29.06.2015 - 07:50 Uhr
Sprache: Deutsch
News-ID 403476
Anzahl Zeichen: 4480
contact information:
Town:
Asker
Kategorie:
Business News
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