TGS authorizes award of Performance Stock Units and Restricted Stock Units
(Thomson Reuters ONE) -
ASKER, NORWAY (2 September 2016) - 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 64 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 10 May 2016, 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 period 1 January 2016 through 31 December 2018.
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 and has achieved a satisfactory performance rating. 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 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).
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:
Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Email: sven.larsen(at)tgs.com
Will Ashby
VP HR and Communication
Tel: +1 713 860 2184
Email: will.ashby(at)tgs.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Primary insiders warrants:
http://hugin.info/86869/R/2039451/760201.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: TGS via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 02.09.2016 - 20:42 Uhr
Sprache: Deutsch
News-ID 492554
Anzahl Zeichen: 4493
contact information:
Town:
Asker
Kategorie:
Business News
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