TGS 2011 Financial Accounts Approved, Proposal to Pay Dividend Confirmed
(Thomson Reuters ONE) -
ASKER, NORWAY (23 March 2012) - On 22 March 2012, the Board of Directors of TGS
approved the audited financial statements of the TGS Group for the year 2011.
In association with the Q4 2011 earnings release issued on 9 February 2012, the
Board decided in their meeting to propose to the shareholders at the June 2012
Annual General Meeting a dividend of NOK 6 per share of outstanding common
stock.
The Board further decided to propose 6 June 2012 as the ex-dividend date and 20
June 2012 as the dividend payment date and the Company's dividend policy remains
as follows:
Dividend Policy
Because of the highly cyclical nature of the oil services industry, TGS' Board
of Directors remains convinced that the TGS Group's unique business model,
strong balance sheet and strong cash position are essential to its financial
health, risk management and future growth. With this in mind, the Board will
continue to carefully evaluate investment opportunities for growth.
It is the ambition of TGS to pay an annual cash dividend that is in line with
its long-term underlying cash flow. When deciding the annual dividend amount,
the TGS Board of Directors will consider expected cash flow, investment plans,
financing requirements and a level of financial flexibility that is appropriate
for the TGS business model. In addition to paying a cash dividend, TGS may also
buy back its own shares as part of its plan to distribute capital to
shareholders.
Company summary
TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data and
services to oil and gas Exploration and Production companies around the globe.
TGS' geophysical and geological data products include multi-client seismic
libraries, permanent reservoir monitoring, magnetic and gravity data, the
industry's largest global database of digital well logs and regional
interpretive products. TGS also provides high-end depth imaging services to help
resolve complex seismic imaging problems. 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).
For additional information about this news release please contact:
Kristian Johansen
Chief Financial Officer
Office: +47 667 69 900
Cell: +47 47 60 33 34
Email: kristian.johansen(at)tgs.com
Karen El-Tawil
VP, Business Development
Office: +1 713 860 2102
Cell: +1 713 806 2420
Email: karen.el-tawil(at)tgs.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: TGS via Thomson Reuters ONE
[HUG#1596689]
Unternehmensinformation / Kurzprofil:
Datum: 23.03.2012 - 07:50 Uhr
Sprache: Deutsch
News-ID 127813
Anzahl Zeichen: 4322
contact information:
Town:
Asker
Kategorie:
Business News
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