Business Services Industry
Parallel Data Systems Inc acquired by TGS-NOPEC Geophysical Company ASA
Nordic Business Report, May 15, 2007
NORDIC BUSINESS REPORT-15 May 2007-Parallel Data Systems Inc acquired by TGS-NOPEC Geophysical Company ASA(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com
Norwegian seismic company TGS-NOPEC Geophysical Company ASA said on Tuesday (15 May) that it has completed the acquisition of Parallel Data Systems Inc.
The final consideration included USD56.4m in cash and 608,865 shares of TGS, which have restrictions on when they can be sold.
TGS said that the transaction will dramatically increase its existing processing capacity and provides an extensive array of new imaging technologies.
TGS expects the acquisition to generate approximately USD15m in net revenues for contract imaging services between now and the end of 2007.
TGS-NOPEC, headquartered in Asker, Norway, provides geoscience data, software and services to the oil and gas industry. Its TGS Imaging division provides advanced depth imaging solutions and software. TGS-NOPEC is listed on the Oslo Stock Exchange and traded under the ticker TGS.
One British pound (GBP) is worth approximately 1.99 US dollars (USD).
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