TGS : TGS 2012 Financial Statements Approved, Proposal to Pay Dividend
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
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 as follows:
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
TGS-NOPECGeophysical 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 integration solutions.
For more information visitTGS online atwww.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 Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: TGS via Thomson Reuters ONE
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