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Petroleum Geo-Services ASA acquires UK-based MTEM Limited.

NORDIC BUSINESS REPORT-20 June 2007-Petroleum Geo-Services ASA acquires UK-based MTEM Limited(C)1994-2007 M2 COMMUNICATIONS LTD

Norwegian geophysical company Petroleum Geo-Services ASA (PGS) said on Wednesday (20 June) that it has agreed to acquire the UK-based company MTEM Limited.

The purchase price is USD275m, of which USD18m will be settled in shares.

MTEM, headquartered in Edinburgh, Scotland, provides electromagnetic (EM) services used to detect the presence of hydrocarbons. The company has developed a unique, patent protected EM technology, Multi-Transient Electro-Magnetic (MTEM).

MTEM Ltd has 67 employees in Scotland, the US and Canada, but is still in the early phase of commercialisation.

"Through the acquisition of MTEM, PGS is accelerating its entry into the high growth EM market," said Sverre Strandenes, president of PGS's Data Processing and Technology business area.

"MTEM's technology will help accelerate the development of our own towed EM technology, enabling PGS to offer a unique total service offering comprising seismic and EM in all environmental settings," Strandenes added.

"We believe that the current MTEM technology delivers the highest resolution within EM, and we are extremely impressed by the company's people and technology as well as its patent portfolio," Strandenes concluded.

Petroleum Geo-Services, headquartered in Oslo, Norway is a leading global geophysical company with offices in 22 countries and a fleet of 12 streamer vessels. Petroleum Geo-Services is listed on the Oslo Stock Exchange and traded under the ticker PGS.

One British pound (GBP) is worth approximately 1.97 US dollars (USD).

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Publication:Nordic Business Report
Article Type:Brief article
Date:Jun 20, 2007
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