TGS-NOPEC Geophysical Company ASA (TGS) Annual General Meeting held

03 June 2014OSE

ASKER, NORWAY (3 June 2014) - The Annual General Meeting of TGS was held on 3 June 2014.  Thirteen of the fourteen resolutions proposed were approved by the shareholders. Resolution number thirteen (Approval of long-term incentive stock plan) was withdrawn by the Board of Directors after analysis of proxy votes showed that the measure would not receive the required two-thirds majority.

In accordance with the Company's policy on executive remuneration as approved by the shareholders in the meeting, the TGS Board believes that long-term compensation is a critical component in attracting and retaining highly qualified and specialized staff. To this end, the Board of Directors will develop and implement an alternative plan that will be cash settled and recognizes the specific feedback received from shareholders on this issue.

The Annual General Meeting approved the payment of a dividend of NOK 8.5 per share of outstanding common stock from the Company's 2013 earnings. The dividend will be paid to the shareholders who are registered shareholders of TGS as of 3 June 2014. The shares in TGS will be quoted ex-dividend from 4 June 2014. The dividend will be paid 18 June 2014.

The minutes from the Annual General Meeting can be found here.

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.

Kristian Johansen
Chief Executive Officer
Tel: +1 832-667-4795

Will Ashby
SVP Investor Relations, HR & Communication
Tel: +1 713 860 2184