TGS, a Norway-based provider of energy data and intelligence, said Wednedsay it had secured a four-year extension to a proprietary reservoir monitoring and source acquisition contract in Norway, with a further option to extend by another two years. It did not say who the client was.
Kristian Johansen, CEO at TGS, said: "This project highlights the value and performance we have delivered over the years, which has now triggered this long-term extension. Long-term contracts like this turn our relationships with our clients into a partnership, where we work together collaboratively to acquire data for better reservoir development and management decisions."
Worth reminding, TGS is working to complete a merger with its compatriot firm, PGS.
On October 26, Boards of directors of PGS and TGS unanimously approved and decided upon a definitive merger agreement of the two firms, in line with the terms announced in September.
The merger is to be structured as a statutory, triangular merger between TGS Newco AS, a newly established wholly owned subsidiary of TGS designated for such purpose ("TGS NewCo"), TGS and PGS in accordance with Chapter 13 of the Norwegian Companies Act.
TGS NewCo will be the surviving entity and merger consideration will be provided to the PGS shareholders in the form of 0.06829 ordinary shares of TGS for each PGS share held.