News
Altor divests its shares in TGS-NOPEC Geophysical Company ASA

Altor Fund IV (“Altor”) has, following the close of trading at the Oslo Stock Exchange yesterday, divested its entire shareholding in TGS-NOPEC Geophysical Company ASA (“TGS”) through an accelerated book building process.

The transaction marks the exit of Altor’s contrarian investment in Spectrum ASA (“Spectrum”) at year-end 2014 based on the investment thesis that the company could accelerate its strategic agenda during the downcycle in the oil service sector.

Altor has worked actively with Spectrum through the cycle on several strategic and operational initiatives. “Spectrum has invested aggressively through the cycle at record low data acquisition costs, which has positioned the company to capitalize on the counter-cyclical investments in the years to come. Further on, Spectrum has over the last years established a strong strategic position in the South Atlantic, which uniquely positioned the company for a strategic merger with TGS” says Pål Stampe, Partner at Altor and former Chairman of the Board at Spectrum.

The transaction was announced over the Oslo Stock Exchange on November 27th 2019

For more information, please contact:
Tor Krusell, Head of Communications at Altor, Tel: +46 70 543 87 47
Pål Stampe, Partner at Altor, Tel: +47 97 69 89 23

About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 4.2 billion in more than 60 companies. The investments have been made in medium sized, predominantely Nordic companies, with the aim to create value through growth initiatives and operational improvements. Among current and past investments are AGR Group, Helly Hansen, Lindorff, SATS, Rossignol Group, Carnegie Investment Bank, S-Banken, Nordic Trustee and Navico. For more information visit www.altor.com.

About TGS
TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil and gas exploration and production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi- client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration solutions. For more information visit TGS online at www.tgs.com

Author: Katarina Karlsson
Date: 2019.11.27
Categories: News

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