SGS’s Subsurface Consultancy Business Finds New Home at Sproule as Part of Restructuring Effort

Posted on 10, February 2023 by | This entry was posted in Business, Energy, Gas & Oil, Industrial, Investment, Switzerland and tagged , , , , , , , , , , , . Bookmark the permalink.

SGS’s Subsurface Consultancy Business Finds New Home at Sproule as Part of Restructuring Effort

(IN BRIEF) SGS has agreed to sell its Netherlands-based Subsurface Consultancy (SSC) business to Sproule, a Canadian energy consultancy firm. The SSC provides services such as reserves certification, seismic interpretation, and integrated reservoir studies to clients in the upstream energy sector globally. The sale is part of SGS’s portfolio evolution strategy and aligns with the company’s focus on key TIC megatrends. The transaction is expected to be completed on March 1, 2023.

(PRESS RELEASE) GENEVA, 10-Feb-2023 — /EuropaWire/ — SGS, the world’s leading testing, inspection and certification company, announces the successful conclusion of an agreement for the sale of its Netherlands-based Subsurface Consultancy (SSC) business to Sproule, a leading energy consultancy firm based in Calgary, Canada.

The SSC business offers a range of services, including reserves certification, seismic interpretation, and comprehensive reservoir studies, to clients involved in upstream energy projects around the world. With a talented team of 11 employees and revenues of approximately EUR 4.7 million in 2022, the SSC business has established a reputation for delivering exceptional results.

This divestment forms part of SGS’s ongoing portfolio evolution and aligns with our focus on the key TIC megatrends. The sale is expected to be completed on March 1, 2023, marking a new chapter for both SGS and SSC.

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.”

About Sproule

Sproule is a global energy consulting and advisory firm that helps companies, investors, and governments understand value and risk in an increasingly complex energy market. Clients value our solutions and the resulting stakeholder confidence in decisions. Sproule offers trusted advice on evolving energy markets, including decarbonization strategies, net zero pathways, independent assurance for resource reports, optimized turn-key asset management solutions, and strategic advice on M&A transactions across the energy value chain.

www.sproule.com

About SGS

We are SGS – the world’s leading testing, inspection and certification company. We are recognized as the global benchmark for sustainability, quality and integrity. Our 97,000 employees operate a network of 2,650 offices and laboratories, working together to enable a better, safer and more interconnected world.

Media contact:

Toby Reeks
Investor Relations
tel: +447899800575

Magali Dauwalder
Media Relations
tel: +41793294670

SOURCE: SGS Société Générale de Surveillance SA

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