This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Oslo, Norway (25 August 2020) - Reference is made to the decision by the Annual General Meeting of TGS-NOPEC Geophysical Company ASA (“TGS”, OSE: TGS) on 12 May 2020 to decrease the share capital with NOK 481,112.50 through cancellation of 1,924,450 treasury shares held by TGS. Reference is also made to the stock exchange announcement on 4 August 2020 published by TGS regarding vesting of Performance Stock Units (PSUs) and Restricted Stock Units (RSUs).
The share capital decrease has now been registered with the Norwegian Register of Business Enterprises. In addition, and as a consequence of the vesting as announced on the 4 August 2020, TGS has now issued 321,070 shares.
The vesting of PSUs and RSUs granted by TGS in 2017 in accordance with the terms of the 2017 Long Term Incentive Plan resulted in the right for a total of 52 participants to request the issuance of an aggregate of up to 399,500 shares of TGS common stock pursuant to free-standing warrants subscribed by the participant at the time of grant. Participants had the right to request TGS to settle a portion of the vested units in cash to allow satisfaction of employees’ tax withholding obligations arising as a result of the vest.
Following the vest of the PSUs and RSUs, an aggregate of 321,070 new shares of TGS common stock have been issued to the 52 employees on 25 August 2020, which amount is net of any units that were settled in cash. The following reflects the shares issued to the primary insiders:
- Kristian Kuvaas Johansen – 55,881 shares
- Fredrik Amundsen – 16,397 shares
- William J.C. Ashby – 23,000 shares
- Tana LaDon Pool – 20,656 shares
- Tanya Herwanger – 14,130 shares
- Whitney Eaton – 1,252 shares
- Sven Borre Larsen – 20,181 shares
- Amund Soia – 1,891 shares
Attached is the list of primary insiders, reflecting the balance of TGS shares and free-standing warrants held after the issuance of shares described above.
The share capital of TGS is thereafter NOK 29 325 849,50 consisting of 117 303 398 shares, each with a nominal value of NOK 0.25. TGS holds 75,000 of its share capital as treasury shares. The new share capital will be registered in the VPS as soon as practically possible.
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 or contact:
Chief Financial Officer
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