TGS and PGS merger receives final approval from UK regulator

By: Chloe Emanuel

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12/06/2024 TGS

TGS ASA and PGS ASA have cleared the final regulatory hurdle for their planned merger, securing unconditional approval from the UK's Competition and Markets Authority (CMA). This follows previous announcements confirming approvals by the Norwegian Competition Authority and various corporate endorsements.

With the CMA's clearance, all conditions for the merger have been satisfied. The two companies are now set to finalize their merger on July 1, 2024, creating a leading entity in the energy data sector.

"TGS is pleased to note that all conditions for the merger have been fulfilled now that we have received CMA clearance," said Kristian Johansen, CEO of TGS. "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."

Rune Olav Pedersen, President & CEO of PGS, added, "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."

Further details and key dates for the merger completion will be provided soon.

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About the Author

4C Offshore | Chloe Emanuel
Chloe Emanuel

Press Coordinator

01502 307037