SOURCE: TGS

TGS

May 11, 2016 16:46 ET

TGS - Restricted Shares Received by Directors

ASKER, NORWAY--(Marketwired - May 11, 2016) - The Annual General Meeting of TGS held on 10 May 2016 decided that each of the Directors, other than the Chairman, should receive 1,650 restricted shares in the Company on 11 May 2016 as part of their compensation. One of the Directors is not permitted by own employer to own shares in other companies. This Director will receive cash in lieu of the restricted shares in an amount equal to the amount the other Directors will be able to sell their restricted shares for at the closing share price on the first day that a sale is permitted. The shares have been transferred to the Directors today, 11 May 2016.

The attachment shows the number of restricted shares awarded on 11 May 2016 and the total number of shares held by each of the Directors.

The Company has distributed the restricted shares to the Directors from its balance of treasury shares. Following the transfer of restricted shares to the Directors, TGS holds 533,500 of the issued shares as treasury shares.

Company summary

TGS-NOPEC Geophysical Company (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.

For more information visit TGS online at www.tgs.com.

Forward-looking statements and contact information
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 principle customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data products 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

  • For additional information about this press release please contact:

    Sven Borre Larsen
    Chief Financial Officer
    Tel: +47 90 94 36 73
    Email: sven.larsen@tgs.com

    Will Ashby
    VP HR and Communication
    Tel: +1 713 860 2184
    Email: will.ashby@tgs.com