TGS Completes Acquisition of Spectrum
TGS-NOPEC Geophysical Company ASA (“TGS”, OSE: TGS) announced that it has completed its acquisition of Spectrum ASA (“Spectrum”, OSE: SPU), creating a leading global multi-client geophysical data provider. TGS first announced its intent to acquire Spectrum on 2 May 2019.
Completion of the acquisition and the merger plan has today been registered with the Norwegian Register of Business Enterprises. As a consequence and following the issuance of 16,076,047 consideration shares to the former shareholders of Spectrum, the new share capital of TGS is NOK 29,680,959.25 divided on 118,723,837 shares each with a nominal value of NOK 0.25.
Commenting on the acquisition, Kristian Johansen, CEO of TGS, said, “We are pleased to have formally closed the transaction to acquire Spectrum. 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. 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.”
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