Oslo, Norway (11 August 2025) - In accordance with the measures approved by the
shareholders of TGS at the Annual General Meeting on 11 May 2022, the Board of
Directors of TGS ASA authorized TGS to grant Performance Stock Units (PSUs) and
Restricted Stock Units (RSUs) under the 2022 Long Term Incentive Plan to key
employees of TGS on 9 August 2022. 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 2022 to 31 December 2024. The granted PSUs and RSUs were
secured by free-standing warrants.
In accordance with the terms of the 2022 Long Term Incentive Plan, the PSUs and
RSUs vested on 9 August 2025, resulting in a total of 83 PSU/RSU holders having
the right to request the issuance of a total of 288,177 TGS shares at par value
NOK 0.25. The TGS Board of Directors determined that the final payout on the
PSUs is 60.0% based on achievement of performance metrics set forth in the plan,
resulting in a total of 180,810 shares issuable to sixteen holders of the vested
PSUs. In addition, 107,367 shares are issuable to sixty-seven employees for the
vesting of the RSUs.
PSU/RSU participants will have a portion of their vested shares 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:
---- Kristian Johansen - 39,900 shares
---- Sven Larsen - 16,038 shares
---- William Ashby - 16,038 shares
---- Tana Pool - 16,038 shares
---- David Hajovsky - 16,038 shares
---- Whitney Eaton - 16,038 shares
For more information, visit TGS.com (http://www.tgs.com) or contact:
Bård Stenberg
VP IR & Communication
investor@tgs.com
About TGS
TGS provides advanced data and intelligence to companies active in the energy
sector. With leading-edge technology and solutions spanning the entire energy
value chain, TGS offers a comprehensive range of insights to help clients make
better decisions. Our broad range of products and advanced data technologies,
coupled with a global, extensive and diverse energy data library, make TGS a
trusted partner in supporting the exploration and production of energy resources
worldwide. For further information, please visit www.tgs.com.
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 volatile market conditions, investment opportunities in new and existing
markets, demand for licensing of data within the energy industry, operational
challenges, and reliance on a cyclical industry and principal customers. 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.