Shareholders Approve the Transaction of TGS to Acquire Spectrum

Following the announcement on 20 May 2019 concerning the merger plan between TGS-NOPEC Geophysical Company ASA and Spectrum ASA, an extraordinary general meeting of TGS was held on 21 June 2019 at the offices of the law firm Schjødt, at Ruseløkkveien 16, in Oslo at 17:00 CET. 

All resolutions proposed were approved by the shareholders of TGS. The minutes from the extraordinary general meeting are attached to this announcement.

Concurrently with the TGS extraordinary general meeting, an extraordinary general meeting of Spectrum ASA has also approved the merger plan. For further information, see the announcement by Spectrum ASA available on www.newsweb.no.

Kristian Johansen, Chief Executive Officer of TGS, said, “We are pleased about the transaction approval for TGS to acquire Spectrum. Spectrum’s portfolio will enhance TGS’ position as a leading multi-client geophysical data provider covering all mature and frontier basins. Spectrum’s extensive 2D library also furthers TGS’s data analytics strategy, where access to large amounts of data is a key success factor.”

Final closing of the transaction is expected in the third quarter of 2019.

For further information on the merger, including expected timing and remaining conditions, see the announcement on 20 May 2019 available on www.newsweb.no and www.tgs.com.

About TGS

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.