TGS 2012 financial statements approved, proposal to pay dividend confirmed
19 March 2013OSE
ASKER, NORWAY (19 March 2013) - On 18 March 2013, the Board of Directors of TGS approved the audited financial statements of TGS for the year 2012.
In association with the Q4 2012 earnings release issued on 7 February 2013, the Board decided in their meeting to propose to the shareholders at the June 2013 Annual General Meeting a dividend of NOK 8 per share of outstanding common stock.
The Board further decided to propose 5 June 2013 as the ex-dividend date and 19 June 2013 as the dividend payment date and the Company's dividend policy remains as follows:
Because of the highly cyclical nature of the oil services industry, TGS' Board of Directors remains convinced that TGS' 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.
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, permanent reservoir monitoring and data integration solutions.
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 product 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).
Kristian JohansenChief Executive Officer
Tel: +1 832-667-4795
Will AshbySVP Investor Relations, HR & Communication
Tel: +1 713 860 2184