Arcis has constructed a modern 3D multi-client seismic data library in the Western Canadian Sedimentary Basin which consists of 12,689 km2 with core activity in many prolific hydrocarbon trends in Alberta, British Columbia and Saskatchewan (including Bakken, Horn River, Montney and Duvernay).
TGS chief executive officer Robert Hobbs said the acquisition of Arcis brings TGS into the very important Canadian seismic market and again increases TGS’ processing capabilities and research and development efforts.
"The common focus on multi-client data and imaging services, as well as the strong alignment of brand, vision and core values between Arcis and TGS, makes for a powerful combination," Hobbs said.
Arcis president & CEO Brad Torry said the business combination will bring synergies and opportunities to the company’s clients, staff and the geophysical community.
"The integrated business models of Arcis and TGS allow both organizations to meet their expansion goals, adds immediate value and provides an avenue for continued growth," Torry added.
TGS will grow into the onshore multi-client and imaging business in Canada and other markets served by Arcis and will be able to meet its revised guided revenue and investment targets for 2012.
The acquisition will be completed by 1 July 2012.
