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SGS Sells Subsurface Consultancy Business to Sproule

Ad Hoc AnnouncementsAd hoc announcement pursuant to Art. 53 LRFebruary 10, 2023

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.”

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.

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.

For further information, please contact:

Toby Reeks


Toby Reeks

Investor Relations
Magali Dauwalder


Magali Dauwalder

Media Relations

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