Investor News Story

Merger between TGS and Spectrum declared unconditional - key dates for completion (2019-08-07T12:15:00 CEST)

Oslo 7 August 2019:

Reference is made to previous stock exchange announcements regarding the merger between TGS-NOPEC Geophysical Company ASA ("TGS", OSE: TGS) and Spectrum ASA
("Spectrum", OSE: SPU).

All conditions for the merger have now been fulfilled, and the parties have declared the transaction unconditional.

Key dates and information for the completion of the merger are as follows:

Last day of trading in Spectrum shares on Oslo Børs:

14 August 2019
Effective Date (of completed merger):

14 August 2019
First day of trading in combined company:

15 August 2019
Record date for delivery of consideration shares and cash consideration:

16 August 2019
ISIN (TGS, unchanged):

NO 0003078800
Transferor company:

Transferee company:TGS AS, with consideration shares issued by TGS

Merger consideration:Shareholders in Spectrum will for each Spectrum share held per the record date receive (i) 0.28 shares in TGS and (ii) NOK 0.655 in cash.

Date of approvals:21 June 2019 (extraordinary general meetings)

For further information and details on the merger, please see stock exchange announcements of 2 May 2019 and 21 May 2019.

For additional information about this press release, please contact:

Dean Zuzic; CFO
Cell: +47 414 33560

Company summary

"Spectrum provides innovative Multi-Client seismic surveys and seismic imaging services to the global oil and gas industry from offices in Norway, the UK, USA, Brazil, Egypt, Australia, Indonesia and Singapore. Spectrum designs, acquires and processes seismic data to deliver high quality solutions through its dedicated and experienced workforce. Spectrum holds the world's largest library of Multi-Client 2D marine seismic data and a significant amount of 3D seismic. The company's strategy focuses on both the major, established hydrocarbon producing regions of the world as well as key frontier areas identified by our experienced team of geoscientists. The Spectrum library of Multi-Client data contains projects from many of the foremost oil producing regions of the world. These include new acquisition, reprocessing and interpretation reports".

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