TGS-NOPEC Geophysical Company ASA (TGS) Ordinary General Meeting Held

(Thomson Reuters ONE) -


The Ordinary General Meeting of TGS was held on 3 June 2010. Thirteen of the
fourteen resolutions proposed were approved by the shareholders including
"Guidelines for Determination of Compensation of Executive Personnel."
Resolution number eleven, "Approval of the stock option plan and resolution to
issue free-standing warrants," obtained 63.5% of the shareholder votes but did
not obtain the required two thirds qualified majority. The TGS Board continues
to believe that long-term compensation is a critical component in attracting and
retaining its highly qualified and specialized staff. To this end, the Board of
Directors will evaluate alternative mechanisms and implement a plan to deliver
long-term performance-driven compensation to key employees in 2010.

The general meeting approved the payment of a dividend of NOK 4 per share of
outstanding common stock from the Company's 2009 earnings, of which NOK 2 per
share is a non-recurring distribution. The dividend will be paid to the
shareholders who are registered shareholders of TGS as of 3 June 2010. The
shares in TGS will be quoted ex-dividend from 4 June 2010. The dividend will be
paid 21 June 2010.

The minutes of the Ordinary General Meeting are attached.

For further information on this release, please contact:

Robert Hobbs, CEO
+ 1 713-860-2188


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


[HUG#1421575]





Ordinary General Meeting Minutes: http://hugin.info/86869/R/1421575/370874.pdf

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Datum: 04.06.2010 - 07:51 Uhr
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News-ID 21954
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