NORWEGIAN SEISMIC PLAYERS TGS AND SPECTRUM TO MERGE
With reference to announcements on 2 May 2019, Spectrum ASA and TGS-NOPEC Geophysical Company ASA announced that their respective board of directors have unanimously approved and decided upon a final merger agreement and merger plan in line with the terms previously announced.
The combination of the companies’ business will lead to greater value creation compared to the Companies operating as separate entities. The combined company will have a comprehensive 2D and 3D database and will be well positioned to accelerate investments in an improving market, and help accelerate TGS’ data analytics strategy. Through the merger, TGS will acquire all assets, rights and obligations of Spectrum. Following completion of the merger, Spectrum will cease to exist as a company listed on Oslo Stock Exchange. TGS will continue to be listed on Oslo Stock Exchange after the merger. (Source: Spectrum)