TGS-NOPEC Geophysical Co. said June 15 that it has acquired Calgary-based Arcis Seismic Solutions Corp. The total equity value is approximately $51 million, reflecting an enterprise value of $72 million, based on net debt at the date of acquisition.
Arcis is a privately owned geophysical company founded in 1996 with a head office located in Calgary, Alberta, Canada and a regional business development presence in Latin America (Colombia) and the Middle East/North Africa (Cyprus). Arcis has built one of the most modern 3D seismic data libraries in the Western Canadian Sedimentary Basin. The 3D multi-client library consists of 4,899 square miles (12,689 square kilometers) with core activity in hydrocarbon trends in Alberta, British Columbia and Saskatchewan (including Bakken, Horn River, Montney and Duvernay).
“The acquisition of Arcis brings TGS into the very important Canadian seismic market and again increases TGS' processing capabilities and research and development efforts," said Robert Hobbs, CEO of TGS, in a prepared statement.