Seismic solutions provider Dawson Geophysical Co. (NASDAQ: DWSN) will merge with a subsidiary of seismic solutions provider TGC Industries Inc. (NASDAQ: TGE) in a stock-for-stock transaction, Dawson said Oct. 9. It will become a wholly owned subsidiary of TGC, which will change its name to Dawson Geophysical Co.and will trade on NASDAQ under the ticker “DWSN,” the company added.
When the transaction closes, Dawson’s current shareholders will own about 66%, and TGC’s current shareholders will own about 34%, of the combined company.
The transaction is scheduled to close in the first quarter of 2015, Dawson noted.
Before the transaction begins, TGC will implement a reverse stock split, and Dawson’s shareholders will receive shares, the company said. The stock split will reduce TGC’s currently outstanding shares to about 7.3 million from about 22 million. TGC will offer about 14.2 million split-effected shares in exchange for about 8 million shares held by Dawson’s shareholders, the company said.
When the transaction is closed, Steve Jumper will become chairman and CEO of the new company. He is currently Dawson’s chairman and CEO. Wayne Whitener will become vice chairman of the board at the new company. He is currently the president and CEO of TGC, Dawson said.
Dawson Geophysical Co. is based in Midland, Texas.
TGC Industries Inc. is based in Plano, Texas.
Recommended Reading
2023-2025 Subsea Tieback Round-Up
2024-02-06 - Here's a look at subsea tieback projects across the globe. The first in a two-part series, this report highlights some of the subsea tiebacks scheduled to be online by 2025.
Subsea Tieback Round-Up, 2026 and Beyond
2024-02-13 - The second in a two-part series, this report on subsea tiebacks looks at some of the projects around the world scheduled to come online in 2026 or later.
AI Advancing Underwater, Reducing Human Risk
2024-03-25 - Experts at CERAWeek by S&P Global detail the changes AI has made in the subsea robotics space while reducing the amount of human effort and safety hazards offshore.
Curtiss-Wright to Deploy Subsea System at Petrobras' Campos Field
2024-02-12 - Curtiss-Wright and Petrobras will combine capabilities to deploy a subsea canned motor boosting system at a Petrobras production field in the Campos Basin.
Forum Energy Signs MOU to Develop Electric ROV Thrusters
2024-03-13 - The electric thrusters for ROV systems will undergo extensive tests by Forum Energy Technologies and SAFEEN Survey & Subsea Services.