The boards of directors of TGS and Spectrum unanimously approved the merger between the companies. The merger plan will now be sent to Norway’s regulatory register, and the transaction is expected to be finalized on June 21 of this year, when general meetings of the companies will be held.
The combination, which will spawn a new global player in the area of 2D and 3D seismic services, was announced earlier this month. The merger is expected to generate cost synergies with a preliminary estimate of $ 20 million per year.
In Brazil, TGS and Spectrum conduct a seismic campaign in partnership in the southern portion of the Santos Basin. The work is being conducted by China Oil Field Services (COSL), Yang Shi You 720, focusing on the areas that will be offered in the 16th round of concessions in October.
Source: Brazil Energy