TGS and PGS Receive Final Competition Clearance - Merger Conditions Satisfied
11 June 2024 - 4:30PM
TGS and PGS Receive Final Competition Clearance - Merger Conditions
Satisfied
OSLO, Norway (11 June
2024) - Reference is made to the joint stock exchange announcement
on 18 September 2023 by TGS ASA ("TGS," OSE: TGS)
and PGS ASA ("PGS" or the
"Company," OSE: PGS) regarding the combination of
the two companies (the "Merger") to establish the
premier energy data company, as well as subsequent announcements on
25 October 2023 and 1 December 2023 regarding, respectively, the
execution of the definitive merger agreement and approval by the
extraordinary general meetings.
Reference is further made to the announcement on
17 April 2024, where the parties confirmed clearance by the
Norwegian Competition Authority and gave an update on the approvals
process in the UK.
TGS and PGS are now pleased to confirm that also
the UK Competition and Markets Authority (the
"CMA") has completed its review and provided its
unconditional clearance of the transaction.
The clearance from the CMA was the final
regulatory approval required. The parties confirm that all
conditions for completing the Merger have been satisfied and will
work towards completion of the Merger on 1 July 2024 as previously
communicated.
Further information in this respect and key
dates for completion of the Merger will be provided in due
course.
Kristian Johansen, CEO of TGS, comments: "TGS is
pleased to note that all conditions for the merger have been
fulfilled now that we have received CMA clearance. We look forward
to completing the merger on 1 July 2024 and bringing the strength
and breadth of our combined service offerings to the market."
Rune Olav Pedersen, President & CEO of PGS,
comments: "With clearance from the CMA, all merger conditions are
satisfied. I believe that the merger will benefit all stakeholders.
The combined company will provide a more complete and diversified
geophysical offering to customers, more opportunities for employees
and value to shareholders".
For further information on the Merger and the
complete terms and conditions for the Merger, please see the merger
plan for the Merger available on www.tgs.com and
www.pgs.com.
For more information, contact:
TGS:Sven Børre LarsenChief Financial OfficerEmail:
investor@tgs.com
PGS:Gottfred LangsethChief Financial OfficerEmail:
ir@pgs.com
Disclosure:
This information is subject of the disclosure
requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act.
TGS provides scientific data and intelligence to companies
active in the energy sector. In addition to a global, extensive and
diverse energy data library, TGS offers specialized services such
as advanced processing and analytics alongside cloud-based data
applications and solutions. For more information about our products
and services and who we are,
visit TGS.com.
PGS ASA and its subsidiaries (“PGS” or “the Company”) is a fully
integrated marine geophysical company that provides a broad range
of seismic and reservoir services, including data acquisition,
imaging, interpretation, and field evaluation. Our services are
provided to the oil and gas industry, as well as to the broader and
emerging new energy industries, including carbon storage and
offshore wind. The Company operates on a worldwide basis with
headquarters in Oslo, Norway and the PGS share is listed on
the Oslo stock exchange (OSE: PGS). For more information on PGS
visit www.pgs.com.
Forward Looking StatementAll statements in this press release
other than statements of historical fact are forward-looking
statements, which are subject to a number of risks, uncertainties
and assumptions that are difficult to predict and are based upon
assumptions as to future events that may not prove accurate. These
factors include volatile market conditions, investment
opportunities in new and existing markets, demand for licensing of
data within the energy industry, operational challenges, and
reliance on a cyclical industry and principal customers. Actual
results may differ materially from those expected or projected in
the forward-looking statements. TGS undertakes no responsibility or
obligation to update or alter forward-looking statements for any
reason.
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