Norwegian survey services provider Magseis Fairfield has delisted its shares from the Oslo Stock Exchange (Oslo Børs) following the acquisition by TGS.
The process with TGS started when the company announced a voluntary offer for all shares in Magseis Fairfield (ticker: MSEIS) on 29 June 2022. When this offer expired in October, TGS received accepts for approximately 75.4 per cent of the MSEIS shares, a spokesperson from Magseis Fairfield told Offshore Energy.
On 10 November 2022, TGS launched a mandatory offer that resulted in an acceptance level of 97.49 per cent of the total shares. The company then on 5 January 2023 carried out a compulsory acquisition of all remaining shares in Magseis Fairfield not owned by TGS, and as a consequence, TGS assumed ownership of all shares in Magseis Fairfield.
An extraordinary general meeting was held on 10 January on which it was resolved to apply for a delisting of the shares of Magseis Fairfield from Oslo Børs and, with effect from the delisting, to convert the company to a private limited liability company.
The last day of listing was 11 January and the shares were delisted from Oslo Børs on 12 January.
“Combining Magseis Fairfield’s leading position in the ocean bottom node (OBN) market with TGS’ multi-client and data processing capabilities creates a unique offering across the energy value chain, so the joint company will be well positioned for further growth,” Magseis Fairfield said.