PGS and TGS have cleared the final regulatory hurdle to completing the merger

Norwegian seismic companies TGS and PGS have received approval from the UK Competition and Markets Authority, securing final regulatory approval to establish a “leading” energy data company.

The merger approval given by the UK’s Competition and Markets Authority (CMA) follows the approval given by its Norwegian counterpart in April 2024.

The CMA’s approval was the final regulatory approval required for the 2023 merger of PGS and TGS.

The companies stated that all conditions to finalize the merger have been met and will aim to finalize the merger on July 1, 2024.

“TGS is pleased to note that all conditions for the merger have been met now that we have received CMA approval. We look forward to completing the merger on July 1, 2024 and bringing to market the strength and breadth of our combined service offering,” said Kristian Johansen, CEO of TGS.

“Following CMA approval, all conditions for the merger are met. I believe that the merger will benefit all parties involved. The combined company will provide customers with a more complete and diversified geophysical offering, more opportunities for employees and value for shareholders,” added Rune Olav Pedersen, president and CEO of PGS.