TGS and Spectrum execute merger agreement and merger plan

Following the announcement on 2 May 2019 that TGS-NOPEC Geophysical Company ASA (“TGS”) and Spectrum ASA (“Spectrum”) plan to merge, the two companies today announced that their respective boards of directors have unanimously approved and decided upon a final merger agreement and merger plan in line with the terms previously announced.

The merger plan will now be submitted to and registered by the Norwegian Register of Business Enterprises. The merger plan (with appendices) is attached to this notice here along with previous TGS annual reports (Annual report 2016, Annual report 2017, Annual report 2018).

Completion of the merger is subject to approval by extraordinary general meetings in TGS and Spectrum, expected to be held on or about 21 June 2019. Notices for the general meetings will be sent to shareholders soon. As previously reported, Spectrum shareholders representing more than 34% of the company’s shares, have given their support to the transaction and undertaken to vote their shares in favor thereof.

For further information on the transaction, including strategic rationale, information on the two companies and the transaction terms, please see the announcement of 2 May 2019 or view on www.newsweb.no.

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, 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.