OSLO, Norway (9 August 2023) – TGS has issued awards of Performance Share Units (PSUs) and Restricted Share Units (RSUs) to 221 key employees of the Company, as authorized by the shareholders of the Company at its Annual General Meeting on 10 May 2023. With the exception of certain RSUs, which are secured by the Company’s treasury stock, the PSUs and RSUs are secured by free-standing warrants that, upon vesting of the PSUs and RSUs in accordance with their terms, are convertible to shares of the Company’s common stock. Each PSU represents the right to receive the maximum of one share, while each RSU represents the right to receive one share.
The PSUs are granted to members of the executive and senior leadership teams and will vest on 8 August 2026, provided the employee remains employed with TGS on the vesting date. Upon vesting, the PSUs will be converted to TGS shares on the terms approved by the Annual General Meeting, depending on performance versus target metrics. The number of shares will be determined by multiplying the number of PSUs granted by a factor of 0% to 100%. The factor is determined by performance against three target metrics: (i) relative return on average capital employed compared against a defined peer group of companies, (ii) TGS’ return on average capital employed, and (iii) HSE and ESG goals. Each of the performance metrics is measured for the period 1 January 2023 through 31 December 2025.
The RSUs are granted to certain key employees and will also vest on 8 August 2026, provided the employee remains employed at vesting and has achieved a satisfactory performance rating against their goals over the three-year plan period. Upon vesting, the holder of the RSUs will receive an equivalent number of TGS shares.
The list of the primary insiders receiving PSUs and RSUs is attached. The maximum number of new shares to be issued under the awarded PSUs and RSUs is 850,000.
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 volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. 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.
For more information, contact:
Sven Børre Larsen
Chief Financial Officer