PGS, TGS jointly acquire Dolphin Multi-Client library

OSLO and ASKER, Norway -- PGS and TGS-NOPEC Geophysical Company have jointly agreed principal terms and conditions for the purchase of a majority of the Multi-Client library of Dolphin UK Ltd. PGS and TGS will make this purchase on a 50/50 basis.

The parties expect to enter into a definitive agreement for the acquisition in the near future.  

"The Dolphin Multi-Client library is a good strategic fit for PGS, especially the surveys covering the North West shelf of West Africa and the Barents Sea,” said Jon Erik Reinhardsen, president and CEO of PGS. “Multi-Client 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."

"The Dolphin library is a good strategic fit for TGS and will add to our already strong position in areas such as the Barents Sea, the North Sea, North West Africa and Australia, including several surveys where TGS currently holds a joint interest with Dolphin,” said Kristian Johansen, CEO of TGS.