TGS acquires three Polcarus 3D multi-client surveys

Source: press release, 23 June 2021

TGS CEO, Kristian Johansen
TGS CEO, Kristian Johansen (photo: TGS)

TGS ASA, a global provider of energy data and intelligence, has announced that it has acquired three 3D multi-client seismic surveys of Polarcus Plc. covering a total of 12,200 square kilometres offshore Australia.

In addition, Polarcus has permanently waived the revenue share rights associated with the multi-client library that TGS acquired in 2015. Polarcus has been eligible to 50% revenue share from the relevant datasets after accumulated revenues reached TGS’ minimum return requirements.

Kristian Johansen, CEO at TGS, states, “The transaction further enhances TGS’ position in certain prospective basins in Australia where many of our customers are actively exploring. Over the past 6 years, TGS has taken advantage of its strong financial position to acquire several multi-client libraries and single assets that have formed the basis for further development of the relevant basins, creating significant value both for our customers and our shareholders.”