2013-03-19 07:56:56 -
ASKER, NORWAY (19 March 2013) - On 18 March 2013, the Board of Directors of TGS
approved the audited financial statements of TGS for the year 2012.
In association with the Q4 2012 earnings release issued on 7 February 2013, the
Board decided in their meeting to propose to the shareholders at the June 2013
Annual General Meeting a dividend of NOK 8 per share of outstanding common
The Board further decided to propose 5 June 2013 as the ex-dividend date and 19
June 2013 as the dividend payment date and the Company's dividend policy remains
Because of the highly cyclical nature of the oil services industry, TGS' Board
of Directors remains convinced that TGS' unique business model, strong balance
sheet and strong cash position are essential
to its financial health, risk
management and future growth. With this in mind, the Board will continue to
carefully evaluate investment opportunities for growth.
It is the ambition of TGS to pay an annual cash dividend that is in line with
its long-term underlying cash flow. When deciding the annual 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
TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil
and gas Exploration and Production companies worldwide. In addition to
extensive global geophysical and geological data libraries that include multi-
client seismic data, magnetic and gravity data, digital well logs, production
data and directional surveys, TGS also offers advanced processing and imaging
services, interpretation products, permanent reservoir monitoring and data
For more information visit TGS online at www.tgs.com.
Forward-looking statements and contact information
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 products at costs commensurate with profitability.
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.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange
For additional information about this press release please contact:
Chief Financial Officer
Tel: +47 47 60 33 34
Director Investor Relations and M&A
Tel: +1 713 860 2184
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
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originality of the information contained therein.
Source: TGS via Thomson Reuters ONE