SOURCE: TGS

TGS

March 09, 2016 08:50 ET

TGS Appoints New CEO

ASKER, NORWAY--(Marketwired - Mar 9, 2016) - The Board of TGS has today announced that Kristian Johansen will succeed Robert Hobbs as Chief Executive Officer on March 11, 2016. After eight years with TGS, including nearly seven years as CEO, Mr. Hobbs has decided to retire.

Mr. Johansen joined TGS in 2010 as Chief Financial Officer and was appointed Chief Operating Officer in February of 2015. Prior to joining TGS, Kristian was the Executive Vice President and CFO of EDB Business Partner (now Evry) in Oslo, which is one of the largest IT groups in the Nordic region. Mr. Johansen also has experience in the construction, banking and oil industries. A native of Norway, Kristian earned his undergraduate and Master's degrees in business administration from the University of New Mexico in 1998 and 1999.

Hank Hamilton, Chairman of the Board of Directors, said, "The Board is deeply grateful to Robert Hobbs for the leadership he has demonstrated and the invaluable contributions he has made since joining the TGS team in 2008. Under his guidance, TGS has become the largest and most successful multi-client geoscientific data provider in the world. We wish him nothing but the best as he leaves TGS." Mr. Hamilton added, "We feel very fortunate to be able to promote Kristian Johansen into the CEO position at this time. He has excelled in each and every role he's had at TGS, clearly demonstrating a commitment to our core values of quality, service, integrity and growth. We are very confident in his ability to lead TGS going forward, particularly during the challenging market conditions our industry currently faces."

Robert Hobbs stated, "I strongly believe that I am leaving TGS in the most capable hands in the industry. Kristian and the TGS Executive Team are the most talented managers in the geoscience data business. I wish them well and offer my full support as I move on to other pursuits."

"It is a great honor to follow Robert and become the new CEO for TGS. Our solid balance sheet and a highly competent organization position us well to handle both the up and down cycles in the industry. I have appreciated the opportunity to work closely with Robert for the last six years and wish him all the best for the future," said Kristian Johansen.

TGS provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration solutions.

All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include TGS' reliance on a cyclical industry and principal customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data product at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO: TGS).

TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY".

Contact Information