The 36 staff of Center Line will become employees of TGS’s geological products and services division and will allow TGS to open a regional office in Denver.
The purchase price included approximately $5 million in cash and 30,600 shares of TGS. No new shares were issued related to this transaction.
Rod Starr, senior vice president of TGS geological products and services, said: The Center Line transaction represents a strategic acquisition for our geologic products division. Center Line has developed proprietary well log digitizing software that will allow TGS to greatly accelerate the creation of LAS files from our comprehensive well log image inventory.
