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(the “Merger”) to establish the premier energy data company, as well as
subsequent announcements on 25 and 30 October 2023 regarding, respectively, the
execution of the definitive merger agreement and notices for extraordinary
general meetings for approval.
An extraordinary general meeting (“EGM”) in PGS was held today at 10:00 hours
(Oslo time) as a virtual meeting. All proposals on the agenda were approved with
requisite majorities, including the merger plan dated 25 October 2023.
TGS will hold an EGM later today at 16:00 hours (Oslo time) to vote over the
merger plan dated 25 October 2023 and associated share capital increase. If also
approved by TGS’s EGM, the decision to approve the merger will be filed with the
Norwegian Register of Business Enterprises. Completion of the merger remains
conditional upon customary closing conditions such as relevant regulatory
approvals and consents, compliance with applicable covenants and expiry of
statutory waiting periods, as further described in the merger plan.
Rune Olav Pedersen, CEO at PGS, commented: “We are very pleased that our
shareholders have approved the merger plan and agree to the business rationale
of merging PGS and TGS to establish the premier energy data company. The
combined company will be uniquely positioned to unlock substantial value for our
shareholders, customers and employees.”
Minutes of the EGM are attached hereto and made available on www.newsweb.no and
on the Company’s website www.pgs.com.
For further information on the merger and the complete terms and conditions for
the merger, please see the announcements of 18 September 2023 and 25 October
2023, as well as the merger plan available on www.pgs.com and www.tgs.com.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
FOR DETAILS, CONTACT:
Bård Stenberg, VP IR & Corporate Communication
Mobile: +47 992 45 235
***
PGS ASA and its subsidiaries (“PGS” or “the Company”) is a fully integrated
marine geophysical company that provides a broad range of seismic and reservoir
services, including data acquisition, imaging, interpretation, and field
evaluation. Our services are provided to the oil and gas industry, as well as to
the broader and emerging new energy industries, including carbon storage and
offshore wind. The Company operates on a worldwide basis with headquarters in
Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS).
For more information on PGS visit www.pgs.com (http://www.pgs.com).
***
The information included herein contains certain forward-looking statements that
address activities, events or developments that the Company expects, projects,
believes or anticipates will or may occur in the future. These statements are
based on various assumptions made by the Company, which are beyond its control
and are subject to certain additional risks and uncertainties. The Company is
subject to a large number of risk factors including but not limited to the
demand for seismic services, the demand for data from our multi-client data
library, the attractiveness of our technology, unpredictable changes in
governmental regulations affecting our markets and extreme weather conditions.
For a further description of other relevant risk factors we refer to our Annual
Report for 2022. As a result of these and other risk factors, actual events and
our actual results may differ materially from those indicated in or implied by
such forward-looking statements. The reservation is also made that inaccuracies
or mistakes may occur in the information given above about current status of the
Company or its business. Any reliance on the information above is at the risk of
the reader, and PGS disclaims any and all liability in this respect.
Kilde
