Oslo, Norway Wednesday 12 September, 2007 - On 20 August 2007, TGS-NOPEC Geophysical Company ASA ("TGS") and Wavefield Inseis ASA ("Wavefield Inseis") jointly announced that the boards of directors of both companies had entered into a Merger Plan to merge and create TGS Wavefield.
Today, 11 September 2007, TGS and Wavefield Inseis are pleased to announce that Norwegian Competition Authorities clearance for the proposed merger of TGS and Wavefield Inseis has been obtained. The merger of TGS and Wavefield Inseis does not require any additional clearances from any competition authorities.
Further information on the merger can be obtained at www.tgsnopec.com, www.wavefield-inseis.com and www.oslobors.no.
About TGS
TGS is a leading global provider of multi-client geoscientific data, associated products and services to the oil and gas industry. TGS specializes in the creation of non-exclusive seismic surveys worldwide. The company also provides advanced depth imaging solutions and software through its TGS Imaging division. A2D Technologies, a wholly-owned subsidiary, is the energy industry's well log data marketplace offering the largest online database, immediate delivery, conversion services, data management services and worldwide well log data sourcing. The TGS family of companies places a strong emphasis on providing high-quality data and the highest level of service to the industry.
About Wavefield Inseis
Wavefield Inseis is an innovative Norwegian marine geophysical company providing proprietary data acquisition services and offers portfolio of non-exclusive multi-client data to the global exploration community developed in partnership with oil companies and governments. Our range of products includes long offset 2D, high capacity 3D, 4D, multi-azimuth and wide-azimuth data acquired with highly specified vessels and the latest seismic equipment. From our main offices in Bergen and Oslo, Norway, and our other locations in London, Houston and Perth, Wavefield Inseis has a global reach, with activities in the Americas, Europe, Africa, the Middle East and Asia.
Media contacts and further information
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TGS |
Wavefield Inseis |
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Arne Helland |
Erik Hokholt |
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CFO |
CFO |
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Tel: +47 66 76 99 31 / +47 91 88 78 29 |
Tel: +47 67 82 84 09 / +47 90 75 60 64 |
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Email: arne.helland@tgsnopec.no |
Important notice and disclaimer
This press release is issued pursuant to the requirements of Norwegian law and the Oslo Børs and is not an offer to buy, sell or exchange any of the securities described herein. This press release may not be relied upon by any person to whom it was not intended to be provided. The press release is explicitly not an offer of securities for sale or exchange in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Neither TGS-NOPEC Geophysical Company ASA nor Wavefield Inseis ASA have registered, and neither company intend to register, any portion of their securities in the United States.
The press release includes statements that may constitute forward-looking statements. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond TGS' and Wavefield Inseis' control. All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Although TGS and Wavefield Inseis believe that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The forward-looking statements involve risk.