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.
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: [email protected]
VP HR and Communication
Tel: +1 713 860 2184
Email: [email protected]
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
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