(ASKER, NORWAY – 14 MAY 2019) – TGS-NOPEC Geophysical Company ASA ("TGS" or the "Company") today announced that reflective of the Company’s strong financial and liquidity position and improving market outlook, the Board of Directors has authorized a share repurchase program of up to USD 50 million.
The share repurchase program will be in place until the Company's annual general meeting in May 2020, or such earlier time as the maximum number of shares has been acquired or the Board resolves to terminate the program.
Any repurchased shares will be held in treasury and, subject to approval by a general meeting, thereafter be cancelled. Repurchased shares may also in part be used to satisfy obligations under incentive programs and/or otherwise disposed of (for cash or in kind consideration as part of transactions).
It is expected that shares will primarily be repurchased in the open market on the Oslo Stock Exchange.
The share repurchases will be conducted based on the authorization to acquire treasury shares granted at the annual general meeting of the Company on 8 May 2019.
For additional information about this press release please contact:
Sven Børre Larsen Chief Financial Officer
Tel: +47 90 94 36 73
Email: investor@tgs.com.
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, 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 principle 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).
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act