TGS Confirms Implementation of Sponsored ADR
ASKER, NORWAY – Following its announcement in May 2013, TGS confirms that its sponsored American Depositary Receipt (ADR) program has been successfully implemented. BNY Mellon has been appointed as depositary bank for this program. Each TGS ADR represents one ordinary share and trades on the over-the-counter market under the symbol “TGSGY”. TGS’ ordinary shares trade on the Oslo Bors under the symbol “TGS”.
The TGS ADR program will offer U.S. investors the convenience of stock quotes and dividend payments in U.S. dollars with transactions cleared and settled according to normal U.S. standards. TGS ADRs can be purchased and sold in the same way as other U.S. stocks via a U.S. broker and can provide investors with a cost-effective means of international portfolio diversification.
“We are delighted to partner with BNY Mellon in establishing a sponsored ADR program,” said Kristian Johansen, CFO of TGS. “We look forward to expanding our visibility and investor base within the U.S. capital markets via this ADR program.”
“We’ll work closely with TGS to broaden its outreach to the global investment community, with the ultimate goal being diversification of its shareholder base by attracting more U.S. investors,” said Christopher M. Kearns, CEO of BNY Mellon’s Depositary Receipts business.
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 integration solutions.
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. 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 (OSLO:TGS).
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