Spectrum is now TGS.
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. The boards of directors for both companies subsequently decided upon a final merger agreement and merger plan in line with the terms announced.
The transaction has created a leading Multi-Client geophysical data provider with a 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 is positioned to accelerate 3D seismic investment plans in an improving market. In addition, the combined libraries possess have a scale that will help accelerate TGS’ data analytics strategy.
As of August 15th, 2019 Spectrum ceased trading on the Oslo Børs stock exchange and became part of TGS.