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PGS ASA To Discuss TGS NOPEC Geophysical Company ASA Offer to Acquire PGS MultiClient Library Call Transcript
Welcome to TGS-NOPEC Q&A Conference Call. (Operator Instructions) As a reminder, this call is being recorded.
I will now hand the word over to Kristian Johansen, CEO of TGS-NOPEC. Please begin your meeting.
Thank you, and good afternoon to our European audience, and a very good morning to all our U.S.-based participants. Thank you all for dialing in at this conference call at the end of the week. My name is Kristian Johansen. I'm the CEO of TGS. And with me today, I have our CFO, Fredrik Amundsen.
Last evening, we had the pleasure of announcing that we have submitted an offer for the purchase of a multiclient data library of PGS. After a short introduction, we will open up for questions.
As you all know, the seismic industry has seen a sharp drop in aggregate return on capital, caused by a combination of factors, such as lower oil price, more consolidated customer base and overcapacity on the supply side. As a result, industry players have changed their strategy
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