Ad hoc announcement pursuant to Art. 53 LR
SGS is pleased to announce the signing of an agreement to divest our Netherlands-based Subsurface Consultancy (SSC) business to Sproule, an energy consultancy company headquartered in Calgary, Canada.
The SSC business performs services such as reserves certification, seismic interpretation and integrated reservoir studies. SSC has worked with clients in various upstream energy projects globally. SSC currently includes 11 employees and had revenues of circa EUR 4.7 million in 2022.
This divestment is part of a portfolio evolution which is further aligning the group to our major TIC megatrends. The sale is expected to be completed on March 1, 2023.
Frankie Ng, CEO of SGS said: "Today marks the beginning of a new journey for our SSC business where we will be entrusting its future to Sproule. I would like to thank our SSC customers who have placed their trust in us, and we will continue to build this trust with you for other business needs. I would also like to thank our SSC employees who have built the business to where it is today and who will join Sproule to begin a new chapter in their careers. I believe Sproule is the right party to take the business forward and will serve as a good custodian of the business in the future."
