ABG Sundal Collier is acting as financial advisor to TGS ASA in connection with TGS ASA’s recommended offer to acquire all shares in Magseis ASA

TGS ASA and Magseis Fairfield ASA announced today that they have entered into a transaction agreement whereby TGS on and subject to certain terms and conditions will put forward a voluntary exchange offer to acquire all shares of Magseis for a consideration to the Magseis shareholders in the form of 0.0426 ordinary shares of TGS and NOK 2.30 in cash per Magseis share. Based on the closing price of TGS on 28 June 2022, the value of the offer consideration is equal to NOK 8.6048 per Magseis share, and the Offer values the total issued share capital of Magseis at NOK 2,333 million.
The board of directors of Magseis has unanimously resolved to recommend the Offer. Magseis shareholders, including the largest shareholder, Fairfield MS, LLC, and members of the Magseis Board and management, who collectively own 33.4% of the outstanding share capital of Magseis, have entered into pre-acceptances with respect to the offer.
“With a strengthening focus on costs and cycle times in the exploration and production of oil and gas, an increasing amount of demand of geophysical data is driven by infrastructure-led exploration (ILX) and production monitoring (4D seismic). Combining Magseis’s leading position in the Ocean Bottom Node (OBN) market with TGS’s multi-client and data processing capabilities creates a unique offering of superior quality products and services across the value chain,” says Kristian Johansen, CEO of TGS.