TGS Approves 2019 Financials

Asker, Norway (27 March 2020) - The Board of Directors of TGS-NOPEC Geophysical Company ASA has today approved the financial statements for 2019. The financial statements were approved with the following changes from the preliminary annual accounts announced on 12 February 2020:

The final reported tax expense was 18,1 million USD. This is a reduction of 13.7 million USD compared to preliminary annual accounts. Subsequently this resulted in higher Total comprehensive income attributable to the owners of the Parent (changed from 99.7 million USD to 113.4 million USD) and earnings per share (changed from 0.92 to 1.05 earnings per share undiluted). 

The Annual General Meeting will be held on 12 May 2020. The Annual Report for 2019 will be published on the company's website and notified to the Oslo Stock Exchange in 13 April 2020.

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.

Forward Looking Statement

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.

For more information, visit TGS.com or contact:

Sven Børre Larsen

EVP Strategy and M&A

Fredrik Amundsen

Chief Financial Officer

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act