Two Norwegian service companies are to merge, creating a ‘next generation geophysical force.’ TGS-NOPEC and Wavefield Inseis will become ‘TGS Wavefield.’ After the paper transaction, Wavefield shareholders will hold 38% of the new company.
Complementary
Expected synergies are to come as a portion of Wavefield’s fleet is deployed on TGS’ multi-client projects and as TGS captures additional data processing revenue from Wavefield’s acquisition business.
Hamilton
TGS CEO Hank Hamilton said, ‘We are entering a new business cycle characterized by rapid adoption of new technologies, such as wide azimuth seismic and fiber-optic based acquisition. The multi-client model continues to work in some markets. Others are better served by contract services. The transaction will increase our multi-client activity while we remain in the market for proprietary surveys.’
4C/4D
TGS Wavefield assets will include six 3D and seven 2D vessels, a high capacity processing center and new technologies for 4C/4D reservoir monitoring, electromagnetic and seismic data processing.
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