Veritas DGC Inc. and Petroleum Geo-Services ASA announced a new brand name and logo for the proposed combination of the companies, to become effective upon the completion of their previously announced merger. The parent company will be VGS Inc., a newly formed Cayman Islands company. This new company will be represented as "Veritas Geo-Services," utilizing a new logo that incorporates the current PGS graphics with the letters "VGS," in a new color scheme.
Marketing executives of both companies said the goal in deciding upon a new name was to capture existing brand equities of both organizations while creating a singular identity for the combined company. Dennis Jordhoy, vice president of corporate marketing for Veritas, and Sverre Strandenes, senior vice president of corporate profiling for PGS, said in a joint statement, "Veritas Geo-Services will be the second largest geophysical services and production company in the world. 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 organizations to our combined customer base."
On June 21, the two companies announced an amendment to their agreement originally reached last November. The companies expect to complete the transaction in the late third quarter or early fourth quarter this year.
The choice of the city of Helsinki is not incidental as the capital of Finland had hosted US-Soviet negotiations on the limitation of nuclear stockpiles in 1969