Asker, Norway (14 August 2013) - Following the award of stock options as notified by Oslo Stock Exchange on 9 August 2013, the attached primary insiders did on 13 August 2013 accept the grants of free-standing warrants in accordance with the stock option program. The attachment shows the number of warrants accepted and the total balance of warrants and shares held by each of the primary insiders who accepted the grants on 13 August 2013.
In accordance with the resolution by the general meeting on 4 June 2013, the employees shall not pay for the free-standing warrants issued. The right to request the issuance of shares under the free-standing warrants follows from separate option agreements. The stock options can be exercised over a period of five years so that 1/2 of the options can be exercised on the third anniversary after grant date, and all or remaining options on the fourth anniversary after grant date; all to be exercised before 4 June 2018, and will expire thereafter. The price to be paid for the shares issued on the basis of the free-standing warrants shall equal the price as set out in the underlying stock options agreements which constitute the basis for subscription of free-standing warrants, and which shall be the closing price quoted on the Oslo Stock Exchange of the shares the day before the stock options are granted - i.e. NOK 181.90.
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:
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
