Business Services Industry
Norwegian geophysical company TGS-NOPEC Geophysical Company ASA acquires US company Center Line Data Corporation
Nordic Business Report, June 2, 2008
NORDIC BUSINESS REPORT-2 June 2008-Norwegian geophysical company TGS-NOPEC Geophysical Company ASA acquires US company Center Line Data Corporation(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com
Norwegian geophysical company TGS-NOPEC Geophysical Company ASA (OSE: TGS) announced on Monday (2 June) that it has acquired the assets of the privately-owned US company Center Line Data Corporation.
The purchase consideration amounted to USD5m in cash and 30,600 shares of TGS-NOPEC.
Center Line Data, based in Denver, Colorado, provides well log digitising software and services and has 36 employees.
"The Center Line transaction represents a strategic acquisition for our Geologic Products division," said Rod Starr, senior vice president of TGS Geological Products & Services.
"Center Line has developed proprietary well log digitising software that will allow TGS to greatly accelerate the creation of LAS [Log ASCII Standard] files from our comprehensive well log image inventory. The Denver office will supplement our industry-leading Houston capacity to help us with this effort," Starr added.
TGS-NOPEC, headquartered in Asker, Norway, provides geoscientific data products and services to the oil and gas industry. The company has 570 employees and reported revenues of USD452.8m in 2007.
One British pound (GBP) is worth approximately 1.97 US dollars (USD).
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