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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  TGS-Nopec Geophysical Company    TGS   NO0003078800

TGS-NOPEC GEOPHYSICAL COMPANY

(TGS)
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TGS Nopec Geophysical : Shareholders Approve the Transaction of TGS to Acquire Spectrum

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06/22/2019 | 08:41am EDT

(GlobeNewswire) - Asker, Norway (21 June 2019) Following the announcement on 20 May 2019 concerning the merger plan between TGS-NOPEC Geophysical Company ASA and Spectrum ASA, an extraordinary general meeting of TGS was held today at the offices of the law firm Schjdt, at Ruselkkveien 16, in Oslo at 17:00 CET.

All resolutions proposed were approved by the shareholders of TGS. The minutes from the extraordinary general meeting are attached to this announcement.

Concurrently with the TGS extraordinary general meeting, an extraordinary general meeting of Spectrum ASA has also approved the merger plan. For further information, see the announcement by Spectrum ASA available on www.newsweb.no.

Kristian Johansen, Chief Executive Officer of TGS, said, We are pleased about the transaction approval for TGS to acquire Spectrum. Spectrums portfolio will enhance TGS position as a leading multi-client geophysical data provider covering all mature and frontier basins. Spectrums extensive 2D library also furthers TGSs data analytics strategy, where access to large amounts of data is a key success factor.

Final closing of the transaction is expected in the third quarter of 2019.

For further information on the merger, including expected timing and remaining conditions, see the announcement on 20 May 2019 available on www.newsweb.no and www.tgs.com.

About TGS

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 at www.tgs.com.

Forward-looking statements disclaimer

This press release contains 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 risks and other factors include the parties reliance on a cyclical industry and principal customers, their respective ability to continue to expand markets for licensing of data, and the ability to acquire and process data products at costs commensurate with profitability, and other risks and uncertainties detailed in the parties most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. Actual results may differ materially from those expected or projected in the forward-looking statements. The forward-looking statements speak only as of the date of this press release, and neither TGS nor Schlumberger undertake any 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.

###

For additional information about this press release please contact:

Sven Brre LarsenTGS, Chief Financial OfficerTel: +47 90 94 36 73sven.larsen@tgs.com

Ellen MunkvoldTGS, IR CoordinatorTel: +47 97 76 26 25investor@tgs.com

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

Attachments

TGS ASA EGM minutes 210619 English

TGS ASA EGM minutes 210619 Norwegian

(c) 2019 Ghana News Agency (GNA) Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
SPECTRUM ASA -12.24% 54.5 Delayed Quote.49.32%
TGS-NOPEC GEOPHYSICAL COMPANY 0.45% 240.6 Delayed Quote.16.81%
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Financials (USD)
Sales 2019 798 M
EBIT 2019 267 M
Net income 2019 213 M
Finance 2019 339 M
Yield 2019 4,05%
P/E ratio 2019 15,4x
P/E ratio 2020 11,8x
EV / Sales2019 3,60x
EV / Sales2020 2,93x
Capitalization 3 208 M
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 32,65  $
Last Close Price 27,27  $
Spread / Highest target 30,4%
Spread / Average Target 19,7%
Spread / Lowest Target 3,73%
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Managers
NameTitle
Kristian Kuvaas Johansen Chief Executive Officer
Henry Haywood Hamilton Chairman
Knut Erik Agersborg Vice President-Operations
Sven Børre Larsen Chief Financial Officer
Zhi Ming Li SVP-Data Processing, Research & Development
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