Press Releases

TGS-NOPEC Geophysical Company ASA (TGS) ordinary general meeting held

The Ordinary General Meeting of TGS was held on 3 June 2010. Thirteen of the fourteen resolutions proposed were approved by the shareholders including "Guidelines for Determination of Compensation of Executive Personnel". Resolution number eleven, "Approval of the stock option plan and resolution to issue free-standing warrants", obtained 63.5% of the shareholder votes but did not obtain the required two thirds qualified majority. The TGS Board continues to believe that long-term compensation is a critical component in attracting and retaining its highly qualified and specialized staff. To this end, the Board of Directors will evaluate alternative mechanisms and implement a plan to deliver long-term performance-driven compensation to key employees in 2010.

The general meeting approved the payment of a dividend of NOK 4 per share of outstanding common stock from the Company's 2009 earnings, of which NOK 2 per share is a non-recurring distribution. The dividend will be paid to the shareholders who are registered shareholders of TGS as of 3 June 2010. The shares in TGS will be quoted ex-dividend from 4 June 2010. The dividend will be paid 21 June 2010.

For the minutes of the Ordinary General Meeting, click here.