Spectrum ASA

08/14/2019 | Press release | Distributed by Public on 08/14/2019 09:48

Spectrum is Now TGS

On 14th August 2019 Spectrum officially became part of the world's largest provider of subsurface data. Spectrum is now TGS.

The Spectrum story has been a remarkable one. From humble beginnings as a small-scale, family-run seismic data processing shop and document management provider, Spectrum remained largely unchanged and unremarkable for nearly 25 years. However, in 2010 the company gained new ownership and new focus. Over the next few years Spectrum rocketed from near-obscurity into the forefront of the seismic industry. In that short time the company's Multi-Client seismic library has increased over twenty-fold from 20 seismic surveys to approximately 450, crossing a critical mass which now fuels astute 3D survey planning in mature basins and geological insight into underexplored areas.

But the story doesn't end there…

On May 2nd, 2019 Spectrum agreed to principle terms of an acquisition proposal from fellow Multi-Client seismic provider TGS. The transaction carried full support of the Spectrum board of directors who had unanimously concluded that this deal, both from a financial and industrial perspective, represented an attractive alternative for all its stakeholders. This paved the way for Spectrum and TGS to join forces and create a formidable sub-surface data provider.

The transaction was completed on August 14th, 2019 and resulted in the creation of a leading Multi-Client geophysical company with a vast 2D and 3D seismic data library covering all major mature and frontier basins world-wide. Spectrum has successfully built a substantial presence in the South Atlantic and other important frontier regions in areas such as Africa and the Mediterranean. With TGS' library and financial robustness, the combined entity will be well positioned to accelerate 3D seismic investment plans in an improving market. In addition, the combined libraries will have a scale that will help accelerate TGS' data analytics strategy where access to large amounts of data is a key factor in success.

Spectrum would like to thank our loyal partners and clients who have supported us over the years and helped make the company the success it has become. We look forward to working with you again soon as part of TGS.

Five reasons why it's a perfect match

Scale is key to accelerate TGS' data and analytics strategy. The integration of Spectrum's library will accelerate TGS' ongoing data & analytics initiatives.

Spectrum owns the world's largest 2D library, which combined with TGS's financial robustness, will facilitate acceleration of 3D investment plans.

Significant cost synergies as well as being accretive on earnings. Our responsibility to our shareholders is to generate growth and strong returns.

This acquisition provides momentum for enhancing our imaging quality and technologies in addition to more comprehensive data coverage.

Create value for our customers. This acquisition will combine the best resources from both organizations to offer more G&G expertise under one roof.

Extraordinary Global Seismic Coverage

The combination of Spectrum and TGS seismic data creates a remarkable coverage of all major mature and frontier basins around the globe. Use the slider tool above to see the difference.