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Dividend Policy and Share Repurchase

  • Dividend Policy

    It is the ambition of TGS to pay a cash dividend that is in line with its long-term underlying cash flow. When deciding the 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.

    Authorizations

    At the Annual General Meeting held on 10 May 2016, shareholders approved the Board’s proposal to authorize the Board to distribute quarterly dividends on the basis of the financial statements for 2015.  The Board shall, when using the authorization, pass its decision in accordance with the Company’s approved dividend policy.  The authorization shall be valid until the Company’s annual general meeting in 2017, but no later than 30 June 2017. 

    Further information is available in the Minutes of Annual General Meeting 2016.   

    2016 Quarterly Dividend

    From 2016, TGS commenced paying dividends on a quarterly basis in accordance with the shareholder approved resolution. The aim will be to keep a stable quarterly dividend through the year, but the actual level paid will be subject to continuous evaluation of market outlook, cash flow expectations and balance sheet development. 
      
    The ex-dividend date will normally be seven days after the announcement of the dividend in connection with the release of quarterly financial statements, with the payment date 14 days after the ex-dividend date.

    Dividend History


    Year Paid Dividend Per Share Announcement AGM Authorization Ex-Dividend Date Payment Date
    2010 4.0 NOK 11 February 2010 3 June 2010 4 June 2010 21 June 2010
    2011 5.0 NOK 10 February 2011 7 June 2011 8 June 2011 22 June 2011
    2012 6.0 NOK 9 February 2012 5 June 2012 6 June 2012 20 June 2012
    2013 8.0 NOK 7 February 2013 4 June 2013 5 June 2013 19 June 2013
    2014 8.5 NOK 6 February 2014 3 June 2014 4 June 2014 18 June 2014
    2015 8.5 NOK 13 January 2015 6 May 2015 7 May 2015 21 May 2015
    2016 Q10.15 USD (1.3 NOK)2 February 20166 May 20159 February 201623 February 2016
    2016 Q20.15 USD (1.23 NOK)  21 April 2016 10 May 2016 18 May 2016  1 June 2016  


    Year                   Shares Repurchased                          Shares Repurchased (approx. USD millions)
    2010 1,758,401 31.9
    2011 1,248,600 30.0
    2012 0 0.0
    2013 195,000 5.0
    2014 938,548 24.6
    2015 180,000 4.8