TGS, a global provider of energy data and intelligence, announced on June 23 that it has acquired three 3D multi-client seismic surveys of Polarcus Plc. covering a total of 12,200 square kilometers offshore Australia. (Logo quoted from Yahoo’s image)
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 for a 50% revenue share from the relevant datasets after accumulated revenues reached TGS' minimum return requirements.
Kristian Johansen, CEO at TGS, stated, “The transaction further enhances TGS’ position in certain prospective basins in Australia where many of our customers are actively exploring. Over the past six 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.”