Norwegian seismic firms TGS and Petroleum Geo-Services (PGS) have announced that they have agreed to jointly acquiring the majority of the multi-client library of Dolphin UK.
PGS and TGS will make this purchase on a 50/50 basis, and are expecting to enter into a definitive agreement for the acquisition in the near future.
“The Dolphin MultiClient library is a good strategic fit for PGS, especially the surveys covering the North West shelf of West Africa and the Barents Sea. MultiClient library consolidation is positive for the seismic industry and adds good value to the acquiring companies when surveys are purchased at a significant discount to book values,” said Jon Erik Reinhardsen, president & ceo of PGS.
“With this acquisition we are continuing to execute on our active consolidation strategy. This transaction will be the second strategic library acquisition TGS has concluded in this down cycle, following the purchase of most of the Polarcus library last year,” stated Kristian Johansen, ceo of TGS.