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    Veritas and PGS agree to merge

    News // November 30, 2001
    Petroleum Geo-Services ASA and Veritas DGC Inc have announced that they have agreed to merge in a stock-for-stock deal worth more than $770 million, creating the second-biggest geophysical services firm in the world.

    Under the terms of the deal - billed as a merger of equals - Veritas and PGS will become wholly owned subsidiaries of a new, as yet unnamed holding company.

    PGS Chairman and Chief Executive Reidar Michaelsen and his counterpart at Veritas, Dave Robson, said consolidation made economic sense.

    "By combining our complementary, high-quality seismic data libraries, we will be uniquely positioned to offer our customers a much broader array of sophisticated ... geophysical data in active and highly prospective areas around the world," they claimed.

    The new company will be based in Houston, but will also maintain a sizeable presence in Norway.

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