OSLO, Norway (10 August 2023) – In accordance with the measures approved by the shareholders of TGS at the Annual General Meeting on 27 March 2020, the Board of Directors of TGS Geophysical Company ASA authorized TGS to grant Performance Stock Units (PSUs) and Restricted Stock Units (RSUs) under the 2020 Long Term Incentive Plan to key employees of TGS on 10 August 2020. Each RSU represented the right to receive one share, while each PSU represented the right to receive a maximum of one share depending on performance against target metrics during the measurement period of 1 January 2020 to 31 December 2022. The granted PSUs and RSUs were secured by free-standing warrants.
In accordance with the terms of the 2020 Long Term Incentive Plan, the PSUs and RSUs vested on 10 August 2023, resulting in a total of 79 PSU/RSU holders having the right to request the issuance of a total of 131,977 TGS shares at par value NOK 0.25. The TGS Board of Directors determined that the final payout on the PSUs is 21.5% based on the achievement of performance metrics set forth in the plan, resulting in a total of 41,708 shares issuable to thirteen holders of the vested PSUs. In addition, 90,269 shares are issuable to sixty-seven employees for the vesting of the RSUs.
PSU/RSU holders have the option of allowing a portion of their vested shares to be cash settled by TGS, using the fair market value of the shares as defined under the plan, to cover tax withholding obligations and other necessary deductions that arise in connection with the vest.
The following primary insiders have the right to request the issuance of the following number of TGS shares related to the vesting of the PSUs/RSUs, a portion of which may be cash-settled as described above:
---- Kristian Johansen – 13,007 shares
---- Jan Schoolmeesters – 5,224 shares
---- William Ashby – 5,224 shares
---- Tana Pool – 5,224 shares
---- Sven Larsen – 2,150 shares
---- Josef Heim – 2,000 shares
---- David Hajovsky – 1,247 shares
---- Whitney Eaton – 1,247 shares
---- Linda Santiago – 1,247 shares
---- Duncan Bate – 3,500 shares
---- Amund Soia – 1,247 shares
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, visit TGS.com or contact:
Sven Børre Larsen
Chief Financial Officer