PGS and TGS-NOPEC Geophysical Co. (TGS) have jointly agreed principal terms and conditions for purchase of a majority of the multiclient library of Dolphin UK. PGS and TGS will make this purchase on a 50/50 basis.
This purchase represents a limited initial cash outlay for PGS. A purchase agreement is expected to be entered into in the near future.
"The Dolphin MultiClient library is a good strategic fit for PGS, especially the surveys covering the North West shelf of West Africa and the Barents Sea. MultiClient 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," says Jon Erik Reinhardsen, president & CEO of PGS. "We are excited to do this transaction together with TGS, as it opens up for further cooperation in these prospective areas," he added.