ASKER, NORWAY (27 August 2019) – Reference is made to previous stock exchange announcement on 5 August 2019 published by TGS-NOPEC Geophysical Company ASA (“TGS”, OSE: TGS) regarding vesting of Performance Stock Units (PSUs) and Restricted Stock Units (RSUs).
As a consequence of the vesting, TGS has now issued 182,941 shares. The share capital of TGS is thereafter NOK 29,726,694.50 consisting of 118,906,778 shares, each with a nominal value of NOK 0.25. TGS holds 1,045,000 of its share capital as treasury shares.
The vesting of PSUs and RSUs granted by TGS in 2016 in accordance with the terms of the 2016 Long Term Incentive Plan resulted in the right for a total of 59 TGS employees to request the issuance of an aggregate of up to 239,094 shares of TGS common stock pursuant to free-standing warrants subscribed by the employees at the time of grant. Employees had the right to request TGS to settle a portion of the vested units in cash to allow satisfaction of employees’ tax withholding obligations arising as a result of the vest.
Following the vest of the PSUs and RSUs, an aggregate of 182,941 new shares of TGS common stock have been issued to the 59 employees on 27 August 2019, which amount is net of any units that were settled in cash. The following reflects the shares issued to the primary insiders:
- Knut Agersborg – 5,321 shares
- Katja Akentieva – 8,544 shares
- Fredrik Amundsen – 6,015 shares
- William J.C. Ashby – 9,056 shares
- Whitney Eaton – 1,468 shares
- Kristian Kuvaas Johansen – 19,534 shares
- Sven Borre Larsen – 7,403 shares
- Zhiming Li – 10,238 shares
- Tana LaDon Pool –7,557 shares
Attached is the list of primary insiders, reflecting the balance of TGS shares and free-standing warrants held after the issuance of shares described above.
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.
For additional information about this press release please contact:
Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act