OSLO, NORWAY (11 February 2021) – TGS-NOPEC Geophysical Company ASA ("TGS" or the "Company") today announced that reflective of the Company's strong financial and liquidity position and cash flow outlook, the Board of Directors has authorized a share repurchase program of up to USD 20 million.
The share repurchase program will be in place until the Company's annual general meeting in May 2022, or such earlier time as the maximum number of shares has been acquired, or the Board resolves to terminate the program.
The share repurchases will be conducted based on the authorization to acquire treasury shares granted at the annual general meeting of the Company on 12 May 2020 and is subject to renewal at the annual general meeting on 11 May 2021.
Any repurchased shares will be held in treasury and, subject to approval by a general meeting, thereafter be cancelled. Repurchased shares may also in part be used to satisfy obligations under incentive programs and/or otherwise disposed of (for cash or in-kind consideration as part of transactions).
It is expected that shares will primarily be repurchased in the open market on the Oslo Stock Exchange.
The share repurchases will be conducted based on the authorization to acquire treasury shares granted at the annual general meeting of the Company on 12 May 2020.
About Us TGS provides scientific data and intelligence to companies active in the energy sector. In addition to a global, extensive and diverse energy data library, TGS offers specialized services such as advanced processing and analytics alongside cloud-based data applications and solutions.
Forward Looking Statement 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, as well as volatile market conditions, which have been exacerbated by the COVID-19 pandemic and the severe drop in oil prices. 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.