OSLO, Norway – (12 May 2021) – TGS-NOPEC Geophysical Company ASA ("TGS"), a global provider of energy data and intelligence, announced today that it has acquired 4C Offshore Ltd. ("4C Offshore"), a leading market intelligence and consultancy firm, providing research and insights to the offshore wind industry.
4C Offshore offers a broad suite of data, analytics and services for the offshore wind industry. With its digital platform, the company provides developers, operators, asset managers, equipment providers and construction companies with key data and insights for the development and operations of offshore wind farms. Among 4C Offshore’s customers are some of the most active players in the offshore wind industry.
Based in Lowestoft, UK with 29 employees, 4C Offshore provides data on more than 2,000 offshore wind projects. The company has recurring revenue streams from a diversified base of almost 350 clients, serving 2,200 users. In 2020, subscription payments for the company’s data services account for almost 80% of revenues.
"We are pleased to announce 4C Offshore as the first acquisition following the launch of our New Energy Solutions business earlier this year. The company carries a strong reputation within the industry for its quality data that is highly trusted for asset-level decisions. The strengths of 4C Offshore fit perfectly with TGS's ambition to become the leading global provider of energy data and insights to support decision-making processes across the energy value chain," commented Kristian Johansen, CEO at TGS.
"I continue to be extremely proud of what we have achieved at 4C Offshore in establishing ourselves as a leading provider of market intelligence and insight to the offshore wind industry and offshore electricity grid sector. We look forward to working with TGS and the New Energy Solutions team to enhance our common platform in the renewable energy industry. Last year renewable electricity sources grew at their fastest rate in two decades, despite the pandemic. Together with TGS, we expect to grow and improve upon our services and capitalize on the expected increase in demand for high quality data and insights on offshore wind,” stated Chris Anderson, Chairman and CEO at 4C Offshore.
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.
About 4C Offshore
4C Offshore is a leading consultancy and market research organization targeting the offshore energy markets. The company has specialized in providing market intelligence for the offshore wind industry and offshore electricity sector as well as consultancy services related to subsea cables.
For more information, visit www.4coffshore.com.
Forward Looking Statement
All 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 TGS' reliance on a cyclical industry and principal customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data product at costs commensurate with profitability, as well as volatile market conditions, which have been exacerbated by the COVID-19 pandemic and the severe drop in oil prices. 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.
For more information, contact:
Sven Børre Larsen
+47 90 94 36 73