PGS acquires electromagnetic services provider

Petroleum Geo-Services ASA ('PGS') announced today that it has entered into a definitive agreement to acquire MTEM Limited ('MTEM'), a provider of electromagnetic (EM) services used to detect the presence of hydrocarbons, for a price of USD 275 million on a debt free basis. USD 18 million of the purchase price is to be settled in PGS shares. A total of USD 18 million of the total consideration (USD 9 million of each the cash and share consideration) will be paid over time as deferred payment to management shareholders.

Petroleum Geo-Services ASA ('PGS') announced today that it has entered into a definitive agreement to acquire MTEM Limited ('MTEM'), a provider of electromagnetic (EM) services used to detect the presence of hydrocarbons, for a price of USD 275 million on a debt free basis. USD 18 million of the purchase price is to be settled in PGS shares. A total of USD 18 million of the total consideration (USD 9 million of each the cash and share consideration) will be paid over time as deferred payment to management shareholders.

 

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