TGS-Nopec to acquire US rival Parallel Data for 72.5 mln usd in cash, shares |
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Mon, 02 Apr 2007 11:32
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OSLO (AFX) - TGS-Nopec Geophysical Company ASA, the Norwegian seismic firm, said it is to buy US rival, Parallel Data Systems (PDS), for 60 mln usd in cash and 12.5 mln usd in TGS shares.The Norwegian firm said the deal has been approved by the boards of both companies, although it is still subject to US regulatory approval.Like TGS, PDS specialises in seismic imaging for the oil and gas industry.It has 21 employees, with offices in Houston and Dallas, and in 2006 had revenues of 17.5 mln usd and pretax profits of 11.7 mln.According to TGS's chief executive Hank Hamilton, the deal is 'a major step forward' in his firm's growth, and that combining the two firm's will 'dramatically increase throughput capacity'.alastair.reed@thomson.comar/gpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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