Norwegian seismic firms TGS and PGS have received approval from the UK Competition and Markets Authority, securing final regulatory approval for the creation of ‘premier’ energy data company.
The approval for the merger from the UK Competition and Markets Authority (CMA) follows the one issued by the Norwegian counterpart in April 2024.
The clearance from the CMA was the final regulatory approval required for the merger between PGS and TGS, initiated in 2023.
The companies said that all conditions for completing the merger have been satisfied and will work towards completion of the merger on July 1, 2024.
"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 July 1, 2024 and bringing the strength and breadth of our combined service offerings to the market,” said Kristian Johansen, CEO of TGS.
"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,” added Rune Olav Pedersen, President and CEO of PGS.