OSLO, Norway (10 August 2022) - TGS has issued awards of Performance Share Units
(PSUs) and Restricted Share Units (RSUs) to 113 key employees of the Company, as
authorized by the shareholders of the Company at its Annual General Meeting on
11 May 2022. The PSUs and RSUs are secured by free-standing warrants that, upon
vesting of the PSUs and RSUs in accordance with their terms, are convertible to
shares of the Company's common stock. Each PSU represents the right to receive
the maximum of one share, while each RSU represents the right to receive one
share.
The PSUs are granted to members of the executive and senior leadership teams and
will vest on 9 August 2025, provided the employee remains employed with TGS on
the vesting date. Upon vesting, the PSUs will be converted to TGS shares on the
terms approved by the Annual General Meeting, depending on performance versus
target metrics. The number of shares will be determined by multiplying the
number of PSUs granted by a factor of 0% to 100%. The factor is determined by
performance against three target metrics: (i) relative return on average capital
employed compared against a defined peer group of companies, (ii) TGS' return on
average capital employed, and (iii) HSE and ESG goals. Each of the performance
metrics is measured for the period 1 January 2022 through 31 December 2024.
The RSUs are granted to certain key employees and will also vest on 9 August
2025, provided the employee remains employed at vesting and has achieved a
satisfactory performance rating against their goals over the three-year plan
period. Upon vesting, the holder of the RSUs will receive an equivalent number
of TGS shares.
The list of the primary insiders receiving PSUs and RSUs is attached. The
maximum number of new shares to be issued under the awarded PSUs and RSUs is
550,000.
About TGS
TGS provides scientific data and intelligence to companies active in the energy
sector. In addition to a global, extensive and diverse energy data library, TGS
offers specialized services such as advanced processing and analytics alongside
cloud-based data applications and 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:
Sven Børre Larsen
Chief Financial Officer
investor@tgs.com (mailto:investor@tgs.com)