Reference is made to TGS’ press release of 14 August 2019 announcing the closing of the acquisition of Spectrum ASA.
Following the transaction, which will further enhance TGS’ position as the leading multi-client geophysical data company, a new Executive Team has been announced. The team, led by CEO Kristian Johansen, consists of the following Executives:
Katja Akentieva – EVP Onshore
Fredrik Amundsen – EVP Europe & Russia
Will Ashby – EVP North America
Rune Eng – EVP Southern Hemisphere
Tanya Herwanger – EVP Staff & Support
Tana Pool – EVP Legal / General Counsel
Jan Schoolmeesters – EVP Operations
Dean Zuzic - CFO
The Executive Team will lead the integration efforts with the ambition of creating ONE TGS effective 01 January 2020. The combined company is expected to realize annual cost synergies in the order of USD 20 million and have comprehensive data coverage in all major mature and frontier basins worldwide.
The new Executives will continue building on TGS’ values of quality and service, and the acquisition will enhance TGS’ existing offerings through:
Providing best-in-class quality and customer service
More G&G expertise by combining the best resources from both organizations
Momentum for enhancing imaging quality and technologies
Strong balance sheet and Industry-leading returns for shareholders
As part of the transition, TGS CFO Sven B. Larsen will transfer into a new role heading up strategic initiatives for the company, reporting to the CEO.
For more information and biographies, please visit TGS’ website, www.tgs.com.
TGS provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration solutions.
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. 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.