Offshore Staff
OSLO, Norway –The boards of TGS-Nopec Geophysical Co. ASA and Wavefield Inseis ASA have agreed to merge, contingent upon stockholder and regulatory approval, and agreement upon a final merger plan. The combination would be TGS Wavefield.
"The combination of TGS and Wavefield Inseis brings together two complementary businesses with few overlapping activities," says Claus Kampmann, TGS chairman. "The combination aligns perfectly with TGS' strategy of providing high-quality seismic data to our customers and achieving high returns on seismic activity for our shareholders. The combined company will have an expanded product offering, larger geographic footprint and broader customer base, including a balanced mix of major oil and gas companies, national oil companies and independent oil and gas companies."
"Together, TGS Wavefield will be able to accelerate innovative, next generation technologies such as 4C/4D seismic acquisition and electromagnetic (EM) technology," says Anders Farestveit, Wavefield Inseis chairman. "We are confident that the combined company with its strong growth and unique integration and synergy potential will create shareholder value in excess of what the two companies could achieve individually."
07/26/2007
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