TGS ASA Oslo , Norway (4 August 2020 ) - In accordance with the measures approved by the shareholders of TGS at the Annual General Meeting on9 May 2017 , the Board of Directors ofTGS NOPEC Geophysical Company ASA authorized TGS to grant Performance Stock Units (PSUs) and Restricted Stock Units (RSUs) under the 2017 Long Term Incentive Plan to key employees of TGS on4 August 2017 . Each RSU represented the right to receive one share, while each PSU represented the right to receive a maximum of one share depending on performance against target metrics during the measurement period of1 January 2017 to31 December 2019 . The granted PSUs and RSUs were secured by free-standing warrants. In accordance with the terms of the 2017 Long Term Incentive Plan, the PSUs and RSUs vested on4 August 2020 , resulting in a total of 53 PSU/RSU holders having the right to request the issuance of a total of 401,000 TGS shares at par valueNOK 0.25 . The TGS Board of Directors determined that the final payout on the PSUs is 100% based on achievement of performance metrics set forth in the plan, resulting in a total of 296,000 shares issuable to ten holders of the vested PSUs. In addition, 144,000 shares are issuable to 43 employees for the vesting of the RSUs. PSU/RSU holders have the option of allowing a portion of their vested shares to be cash settled by TGS, using the fair market value of the shares as defined under the plan, to cover tax withholding obligations and other necessary deductions that arise in connection with the vest. The following primary insiders have the right to request the issuance of the following number of TGS shares related to the vesting of the PSUs/RSUs, a portion of which may be cash-settled as described above: ----Fredrik Amundsen -- 26,000 shares ----William J.C. Ashby -- 23,000 shares ----Whitney Eaton -- 1,500 shares ----Kristian Kuvaas Johansen -- 68,000 shares ----Sven Borre Larsen -- 32,000 shares ----Tana LaDon Pool -- 23,000 shares ----Tanya Herwanger -- 23,000 shares ----Amund Soia -- 3,000 shares Attached is the list of primary insiders reflecting the balance of free-standing warrants relating to granted PSUs and RSUs after the vesting of the 2017 Long Term Incentive Plan. About TGS 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. Forward Looking Statement 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, as well as volatile market conditions, which have been exacerbated by the COVID-19 pandemic and the severe drop in oil prices. 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. For more information, visit TGS.com (http://www.tgs.com) or contact:Fredrik Amundsen Chief Financial Officer investor@tgs.com (mailto:investor@tgs.com)
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