TGS buys seismic data from Polarcus

TGS and Polarcus have completed the main component of the transaction in which TGS acquired Polarcus’ multi-client library.

On June 29, TGS and Polarcus signed a Letter of Intent for TGS to acquire Polarcus’ multi-client library, with the exception of Australia, for a price of $27.5 million on a cash and debt free basis.

The companies said in separate statements on Tuesday that closing of the remaining projects in West Africa was expected within Q3 2015, subject to the relevant government consents.

As TGS said in its June press release, the multi-client library in Northwest Europe and West Africa consists of 22 3D seismic surveys comprising a total area of 40,000 sq. km and one 2D survey comprising 5,000 linear km. The data covers prime locations within the established hydrocarbon provinces of six countries along the western Atlantic margin corridor since 2011.

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