Geosciences

TGS poised to acquire Magseis Fairfield

June 29, 2022

TGS has entered an agreement to acquire all shares in Magseis Fairfield for about NOK2,333 million ($238 million).

TGS can process and image ocean-bottom seismic data whether it is ocean-bottom cable or ocean-bottom nodes data.

Offshore staff

OSLO, Norway — TGS has entered an agreement to acquire all shares in Magseis Fairfield for about NOK2,333 million ($238 million).

“With a strengthening focus on costs and cycle times in the exploration and production of oil and gas, an increasing amount of demand of geophysical data is driven by infrastructure-led exploration and production monitoring (4D seismic)," TGS CEO Kristian Johansen said. “Combining Magseis’ leading position in the ocean-bottom node [OBN] market with TGS’ multiclient and data processing capabilities creates a unique offering…across the value chain.”

Over the past 15 years, Magseis Fairfield has conducted more than 90 OBN acquisition surveys, with more than 900,000 deployments, in regions including the Barents Sea, North Sea, South China Sea, Red Sea, offshore Brazil, North Africa and the Gulf of Mexico.

“The combined company will be a leading integrated seismic provider with a best-in-class OBN technology and track record, strong data processing capabilities, and a multiclient business with a large customer base…and a truly global geographical footprint," Magseis CEO Carel Hooijkaas said.

06.29.2022