Price is USD 600m (~book value) – 67% recovery for creditors
PGS debt trades at 65% of par – i.e. a 67% cash recovery may be tempting
TGS library trades at 1.4x book value (IFRS) – bid is around 1.0x
Perfectly timed by TGS - could add NOK 20 per TGS share
06 Aug 2020
TGS is willing to buy PGS MC library
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TGS is willing to buy PGS MC library
Price is USD 600m (~book value) – 67% recovery for creditors
PGS debt trades at 65% of par – i.e. a 67% cash recovery may be tempting
TGS library trades at 1.4x book value (IFRS) – bid is around 1.0x
Perfectly timed by TGS - could add NOK 20 per TGS share