The parent company will be VGS Inc - a newly formed company in the Cayman Islands - while the merged entity will be called Veritas Geo-Services, whose new logo will incorporate the current PGS graphics with the letters "VGS" in a new colour scheme.
Marketing executives from both companies said the goal in deciding upon a new name was to capture existing brand equities of both organisations while creating a singular identity for the combined company.
"Veritas Geo-Services will be the second largest geophysical services and production company
in the world," the two companies said in a joint statement.
"We want to build a distinctive new brand for the company while leveraging the market recognition and reputation of both the Veritas and PGS brands. This reflects our intent to deliver the best of both organisations to our combined customer base."
Veritas DGC Inc supplies the oil and gas industry with geophysical services designed to manage exploration risk and improve drilling and production success while Petroleum Geo-Services is a oilfield service company, which acquires, processes and markets 3D, time-lapse and multi-component seismic data.
