Norwegian TGS-Nopec Geophysical Company is to purchase Houston-based data management specialists Symtronix Corp. for approximately $750,000, payable partly in cash and partly in TGS-Nopec stock. Following a brief due diligence process, final closing of the transaction is expected within two weeks. TGS-Nopec will buy an amount of its own shares on the Oslo Stock Exchange necessary to complete the Symtronix purchase. Symtronix, a privately held company, provides a variety of data management services to the oil and gas industry. The company specializes in seismic data loading and format conversions on a variety of platforms. The company also provides on-site services to its clients. Symtronix was founded in 1993 and currently has eight employees.
TGS-Nopec CEO Hank Hamilton said “TGS-Nopec has been a client of Symtronix Corporation for years. We have been impressed with the quality of their work and high level of service. The acquisition of Symtronix will allow us to provide a more complete and thorough set of data delivery alternatives to clients who license TGS-Nopec seismic data. Symtronix will continue to provide services to its existing client base.” TGS-Nopec provides non-exclusive seismic data and associated products to the oil and gas industry.
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