Major Seismic Service Companies With Operations in The Pre-Salt Merge

The TGS Will Acquire Spectrum and a New Multinational Company Specializing in 2D and 3D Seismic Services Will Be Born.

The Brazilian offshore mergers market remains active; this time, TGS announced last Friday (5/3) that it will acquire Spectrum Geo, creating a new global company in the field of 2D and 3D seismic services.
The deal has already been approved by the boards of directors of the companies, and the expectation is that by mid-May, the documents formalizing the transaction will be sent to the regulatory authorities for approval, and that the deal will be concluded by the end of September this year.

The preliminary cost estimate for the new company will be around US$ 20 million annually and demonstrates the interest and planning of the companies in the investments to come in the pre-salt.

History of Partnership Between the Companies

Regarding Spectrum, the company has a strong presence in the South Atlantic, and as stated in a press release, the company declares, “With TGS’s database and financial strength, the new company will be well positioned to accelerate investment plans in 3D seismic.”

Currently, the companies are already participating together in the seismic campaign in the southern area of the Santos Basin, and the vessel used is the Yang Shi You 720, from China Oil Field Services (COSL).

In March 2019, oil and gas production in Brazil increased compared to both the previous month and the same month in 2018. Both totaled 3.261 million barrels of oil equivalent per day (boe/d). 

The FPSO sector is anticipating a significant demand, as we have previously published here on our portal, thus Petrobras has been inviting each of the FPSO manufacturers for discussions. Click here to know the details of the conversation!