Oslo, Norway (27 November 2024) – TGS has issued awards of Performance Share Units (PSUs) and Restricted Share Units (RSUs) to 408 key employees of the Company, as authorized by the shareholders of the company at its Extraordinary General Meeting on 25 July 2024. With the exception of certain RSUs, which are secured by the Company’s treasury stock, the PSUs and RSUs are secured by free-standing warrants that, upon vesting of the PSUs and RSUs in accordance with their terms, are convertible to shares of the Company’s common stock. Each PSU represents the right to receive the maximum of one share, while each RSU represents the right to receive one share.
The PSUs are granted to members of the executive and senior leadership teams and will vest 27 November 2027, provided the employee remains employed with TGS on the vesting date. Upon vesting, the PSUs will be converted to TGS shares on the terms approved by the Extraordinary General Meeting, depending on performance versus target metrics. The number of shares will be determined by multiplying the number of PSUs granted by a factor of 0% to 100%. The factor is determined by performance against three target metrics: (i) Absolute Total Shareholder Return (TSR), (ii) Relative TSR, and (iii) HSE and Sustainability goals. TSR performance is measured by the three-year period commencing on the Date of Grant and ending on the Vesting Date. HSE and Sustainability performance is measured for the period 1 January 2024 through 31 December 2026.
The RSUs are granted to senior leadership teams and other certain key employees and will also vest on 27 November 2027, provided the employee remains employed at vesting and has achieved a satisfactory performance rating against their goals over the three-year plan period. Upon vesting, the holder of the RSUs will receive an equivalent number of TGS shares.
The maximum number of new shares to be issued under the awarded PSUs and RSUs is 1,900,000.
List of PDMRs receiving PSUs and RSUs.
About TGS
TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com.
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 volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. 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:
Bård Stenberg
VP IR & Communication
investor@tgs.com