SOURCE: TGS

TGS

May 06, 2016 22:34 ET

TGS Stock Options Exercised

ASKER, NORWAY--(Marketwired - May 6, 2016) - 12 option holders have today exercised in total 120,200 stock options. All options were exercised from the award in August 2011 secured by treasury shares at an exercise price of NOK 113.80 per share.

Following the exercise TGS holds 543,400 treasury shares. TGS' share capital is NOK 25,533,997.50 consisting of 102,135,990 shares at a nominal value of NOK 0.25 per share.

The following primary insiders in TGS have on 6 May 2016 traded TGS shares related to their exercise of stock options:

John Adamick, Senior VP Geological Products and Services, has exercised 14,400 stock options and sold the same number of shares in TGS at an average price of NOK 131.03 per share. After this transaction John Adamick holds 36,000 shares in TGS.

Zhiming Li, Senior VP Data Processing and Research & Development, has exercised 14,000 stock options and sold the same number of shares in TGS at an average price of NOK 131.03 per share.

After this transaction Zhiming Li holds 105,694 shares in TGS.

Attached is the list of the primary insiders exercising stock options.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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