PGS rejects TGS proposal to acquire multi-client library

Norwegian offshore survey service provider PGS has rejected a proposal by counterpart TGS for the acquisition of its multi-client library.

PGS reviewed and assessed the proposal and reckons that the value of the company’s multi-client data library is significantly greater to PGS than that represented by the TGS proposal, and that the timing of the proposal is opportunistic given the current market backdrop and macro-economic environment.

“Having consulted with its financial and legal advisers, the board of PGS has concluded that the proposal is not in the best interests of the Company and its stakeholders,” PGS said in a release.

PGS has implemented a series of cost reduction measures of about $400m through staff reductions, re-organisation, consolidation of offices, re-negotiation of service agreements this year. It has also cold-stacked two of the eight 3D vessels in its fleet.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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