OSLO, Norway (30 August 2022) - In accordance with the measures approved by the
shareholders of TGS at the Annual General Meeting on 8 May 2019, the Board of
Directors of TGS NOPEC Geophysical Company ASA authorized TGS to grant
Performance Stock Units (PSUs) and Restricted Stock Units (RSUs) under the 2019
Long Term Incentive Plan to key employees of TGS on 30 August 2019. 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 of 1 January 2019 to 31 December 2021.
The granted PSUs and RSUs were secured by free-standing warrants.
In accordance with the terms of the 2019 Long Term Incentive Plan, the PSUs and
RSUs vested on 30 August 2022, resulting in a total of 68 PSU/RSU holders having
the right to request the issuance of a total of 170,164 TGS shares at par value
NOK 0.25. The TGS Board of Directors determined that the final payout on the
PSUs is 40% based on the achievement of performance metrics set forth in the
plan, resulting in a total of 87,664 shares issuable to fifteen holders of the
vested PSUs. In addition, 82,500 shares are issuable to fifty-three 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:
----William J.C. Ashby -- 8,400 shares
----Whitney Eaton -- 2,352 shares
----David Hajovsky - 17,352 shares
----Kristian Kuvaas Johansen -- 22,848 shares
----Sven Borre Larsen - 8,400 shares
----Tana LaDon Pool -- 8,400 shares
----Jan Schoolmeesters - 8,400 shares
----Amund Soia -- 2,352 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 2019 Long
Term Incentive Plan.
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)