TGS Announces Initiation of $20M Share Repurchase Program

TGS-NOPEC Geophysical Company ASA ("TGS") announced that reflective of the Company's strong financial and liquidity position and cash flow outlook, the Board of Directors has authorized a share repurchase program of up to USD 20 million.

The share repurchase program will be in place until the Company's annual general meeting in May 2022, or such earlier time as the maximum number of shares has been acquired, or the Board resolves to terminate the program.

The share repurchases will be conducted based on the authorization to acquire treasury shares granted at the annual general meeting of the Company on 12 May 2020 and is subject to renewal at the annual general meeting on 11 May 2021.

Any repurchased shares will be held in treasury and, subject to approval by a general meeting, thereafter be cancelled. Repurchased shares may also in part be used to satisfy obligations under incentive programs and/or otherwise disposed of (for cash or in-kind consideration as part of transactions).

It is expected that shares will primarily be repurchased in the open market on the Oslo Stock Exchange.

The share repurchases will be conducted based on the authorization to acquire treasury shares granted at the annual general meeting of the Company on 12 May 2020.