Norway plans further review of PGS/TGS merger

Feb. 14, 2024
The PGS/TGS merger process remains under review by the competition authorities in the UK and Norway, where the Norwegian Competition Authority has resolved to continue its assessment via a Phase II review.   

Offshore staff

OSLO, NorwayPGS has issued an update on the company’s planned merger with TGS.

The process remains under review by the competition authorities in the UK and Norway, where the Norwegian Competition Authority has resolved to continue its assessment via a Phase II review.   

Completion of the merger remains conditional on customary closing conditions, including the remaining regulatory approvals, but should still go through during second-quarter 2024, PGS said.

The company also announced it had signed a collaboration agreement with HUB Ocean. This will use HUB Ocean's Ocean Data Platform and PGS' ocean data contributions to support the UN's Sustainable Development Goal 14 – Life below water.

Their first defined use case focuses on the waters off Brazil and improved understanding of marine mammal distribution patterns along the country’s coastline. PGS said it can apply improved predictions of mammal presence to optimize seismic data acquisition, helping campaigns avoid unplanned stoppages due to marine mammal observations.

Main goals of the collaboration include:

  • Identifying and developing use cases through demonstrating the significance of industry ocean data in advancing ocean science while providing tangible benefits to PGS and other industry partners; and
  • Prove data-sharing efficacy by validating that the HUB Ocean data partnership can enhance PGS’ internal efficiency and secure sharing of non-sensitive ocean data through a single, accessible distribution source for third parties.

02.14.2024

Request More Information

By clicking above, I acknowledge and agree to Endeavor Business Media’s Terms of Service and to Endeavor Business Media's use of my contact information to communicate with me about offerings by Endeavor, its brands, affiliates and/or third-party partners, consistent with Endeavor's Privacy Policy. In addition, I understand that my personal information will be shared with any sponsor(s) of the resource, so they can contact me directly about their products or services. Please refer to the privacy policies of such sponsor(s) for more details on how your information will be used by them. You may unsubscribe at any time.