TGS Mandatory Notice of Trade
(Thomson Reuters ONE) -
ASKER, NORWAY (2 September 2015) - The Board of Directors of TGS-NOPEC
Geophysical Company ASA has authorized the award of PSUs (Performance Stock
Units) and RSUs (Restricted Stock Units) to be granted to 91 key employees of
the Company.
The list of primary insiders receiving PSUs and RSUs is attached.
In accordance with the measures approved by the Shareholders of TGS at the
Annual General Meeting on 6 May 2015, the PSUs and the RSUs are secured by free-
standing warrants.
Each PSU represents the right to receive the maximum of one share, while each
RSU represents the right to receive one share.
The PSUs have been granted to members of the executive team and will vest on the
third anniversary of the date of grant provided the executive remains employed
with TGS on the vesting date. Upon vesting, the PSUs will be converted to TGS
shares, depending on performance versus target metrics. The number of shares
will be determined by multiplying the number of PSUs granted by a factor of 0%
to 100%. The factor is determined by performance against three target metrics:
(i) market share of multi-client revenues within a peer group, (ii) return on
average capital employed, and (iii) HSE. Each of the performance metrics is
measured for the period1January 2015 through 31 December 2017.
The RSUs have been granted to certain non-executive key employees and will also
vest on the third anniversary of the date of grant provided the employee remains
employed at vesting. Upon vesting, the holder of the RSUs will receive an
equivalent number of TGS shares.
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 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:
Kristian Johansen
COO/Interim CFO
Cell: +47 47 60 33 34
Email: kristian.johansen(at)tgs.com
Will Ashby
Director Finance Western Hemisphere & Investor Relations
Tel: +1 713 860 2184
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Email: will.ashby(at)tgs.com
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Mandatory Notice of Trade:
http://hugin.info/86869/R/1949142/708221.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1949142]
Unternehmensinformation / Kurzprofil:
Datum: 02.09.2015 - 07:50 Uhr
Sprache: Deutsch
News-ID 417520
Anzahl Zeichen: 4589
contact information:
Town:
Asker
Kategorie:
Business News
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