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Article: SEISMIC MARKET CONSOLIDATES WITH PGS-VERITAS combination

Article from:
Hart's Petroleum Finance Week
Article date:
December 3, 2001
Copyright

Petroleum Geo-Services ASA (NYSE: PGO) and Veritas DGC Inc. (NYSE: VTS) announced a $3.5 billion "merger of equals" last week that would create the second-largest geophysical services company behind Western Geco. The move, which helps consolidate the troubled seismic market further, brings together two companies with historically different strategies, Wall Street oil field service analysts said.

"It came as a surprise," conceded James K. Wicklund, who covers Veritas for Banc of America Securities LLC in Houston. "The companies have competed against each other and known each other for a very long time. And it would appear from the way the two companies were run, that they had very ...

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