TGS acquires three Polarcus 3D multi-client seismic surveys

Norwegian energy data and intelligence provider TGS has acquired three 3D multi-client seismic surveys of Polarcus offshore Australia.

The acquired surveys cover a total of 12,200 square kilometers.

In addition, Polarcus has permanently waived the revenue share rights associated with the multi-client library that TGS acquired in 2015.

The company has been eligible to 50% revenue share from the relevant datasets after accumulated revenues reached TGS’ minimum return requirements.

“The transaction further enhances TGS’ position in certain prospective basins in Australia where many of our customers are actively exploring”, said Kristian Johansen, CEO at TGS.

“Over the past six years, TGS has taken advantage of its strong financial position to acquire several multi-client libraries and single assets that have formed the basis for further development of the relevant basins, creating significant value both for our customers and our shareholders”.

At the beginning of the year, Polarcus defaulted on debt payments, halting all interest and installment payments to finance providers, and the company’s assets were taken over by its lenders.

In April, the company informed it had agreed standstill and settlement terms with its lenders who have committed to refrain from exercising any further security interests over the Polarcus Group or their assets.