PGS Rejects TGS’ ‘Opportunistic’ $600M Offer for Seismic Data Library

Norwegian offshore seismic surveyor PGS has rejected a $600 million offer to sell its multi-client library to compatriot and rival TGS, deeming it opportunistic, given the dire situation for seismic data companies caused by low oil prices.

In an unsolicited, conditional, and non-binding proposal, TGS earlier this month offered to buy PGS’ MultiClient data library for $600 million, saying a successful bid would broaden TGS´ multi-client geophysical data offering in all major mature and frontier basins world-wide.

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