Dividend and Share Repurchase

Dividend Schedule and History

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 8 May 2018, shareholders approved the Board’s proposal to authorize the Board to distribute quarterly dividends on the basis of the financial statements for 2017. 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 2019, but no later than 30 June 2019.

Further information is available in the Minutes of Annual General Meeting 2018.

Quarterly Dividend

In 2016, TGS commenced paying dividends on a quarterly basis, in accordance with the shareholder-approved resolution. The aim will be to maintain 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 Q1 0.15 USD (1.3 NOK) 2 February 2016 6 May 2015 9 February 2016 23 February 2016
2016 Q2 0.15 USD (1.23 NOK) 21 April 2016 10 May 2016 18 May 2016 1 June 2016
2016 Q3 0.15 USD (1.26 NOK) 4 August 2016 10 May 2016 11 August 2016 25 August 2016
2016 Q4 015 USD (1.23 NOK) 28 October 2016 10 May 2016 4 November 2016 18 November 2016
2017 Q1 0.15 USD (1.23 NOK) 2 February 2017 10 May 2016 9 February 2017 23 February 2017
2017 Q2 0.15 USD (1.30 NOK) 10 May 2017 10 May 2017 18 May 2017 31 May 2017
2017 Q3 0.15 USD (1.19 NOK) 3 August 2017 9 May 2017 10 August 2017 24 August 2017
2017 Q4 0.15 USD (1.20 NOK) 26 October 2017 9 May 2017 2 November 2017 16 November 2017
2018 Q1 0.20 USD (1.57 NOK) 8 February 2018 9 May 2017 15 February 2018 1 March 2018
2018 Q2 0.20 USD (1.62 NOK) 9 May 2018 8 May 2018 16 May 2018 30 May 2018
2018 Q3 0.20 USD (1.62 NOK) 2 August 2018 8 May 2018 9 August 2018 23 August 2018
2018 Q4 0.20 USD (1.68 NOK) 1 November 2018 8 May 2018 8 November 2018 22 November 2018
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