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.