TGS set to acquire Polarcus 3D, 2D seismic datasets

TGS has a letter of intent to acquire Polarcus’ entire multi-client library, with the exception of Australia, for $27.5 million.

Jun 29th, 2015

Offshore staff

ASKER, NorwayTGS has a letter of intent to acquire Polarcus’ entire multi-client (MC) library, with the exception of Australia, for $27.5 million.

The transaction is expected to close by July 31.Polarcus will continue to have rights to revenue share from the library after TGS has achieved a predetermined return on its initial outlay.

The MC library over northwest Europe and West Africa comprises 22 3D seismic surveys covering a total area of 40,000 sq km (15,444 sq mi), and one 2D survey covering 5,000 linear km (3,107 mi).

All the data, compiled since 2011, is over locations within the established hydrocarbon provinces of six countries along the western Atlantic Margin corridor.

06/29/2015

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