TGS: TGS Shares received by Board of Directors

ASKER, NORWAY (15 May 2017) - The Annual General Meeting of TGS held on 9 May 2017 decided that each of the Directors, other than the Chairman, should receive1,650 restricted shares in the Company on 10 May 2017 as part of their compensation. The shares were transferred to the Directors on 10 May 2017.

The attachment shows the number of restricted shares awarded on 10 May 2017 and the total number of shares held by each of the Directors.

The Company has distributed the restricted shares to the Directors from its balance of treasury shares. Following the transfer of restricted shares to the Directors, TGS holds 236,075 of the issued shares as treasury shares.

Company summary      

TGS-NOPEC Geophysical Company (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, permanent reservoir monitoring and data integration solutions.

For more information visit TGS online at www.tgs.com.

Forward-looking statements and contact information

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 products at costs commensurate with profitability. 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.

TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO:TGS).

TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY".

For additional information about this press release please contact: 

Sven Boerre Larsen
Chief Financial Officer
Tel: [phone]
Email: [e-mail] (mailto:[e-mail])

Will Ashby
VP HR & Communication
Tel: [phone]
Email: [e-mail] (https://mce_host/hugin/[e-mail]%20)

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

Restricted shares awarded to Directors by AGM (http://hugin.info/86869/R/2104953/798892.pdf)

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Source: TGS via Globenewswire