TGS snaps up Polarcus Australian surveys

Oslo-listed TGS said it has bought three multi-client 3D seismic surveys from Polarcus covering a total of 12,200 sq km offshore Australia. 

In addition, Polarcus has permanently waived the revenue share rights associated with the multi-client library that TGS acquired in 2015. 

Until now, Polarcus has been eligible for a 50% revenue share from the relevant datasets after accumulated revenues reached TGS’ minimum return requirements.

“The transaction further enhances TGS’ position in certain prospective basins in Australia where many of our customers are actively exploring,” stated Kristian Johansen, CEO of TGS.

Over the past six years, TGS has acquired several multi-client libraries and single assets.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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