Spectrum and TGS Execute Merger Agreement and Merger Plan

UPDATE: Notice of EGM – 21 June 2019

Oslo, 20 May 2019 – With reference to announcements on 2 May 2019, Spectrum ASA (“Spectrum”) and TGS-NOPEC Geophysical Company ASA (“TGS”) today announced that their respective board of directors have unanimously approved and decided upon a final merger agreement and merger plan in line with the terms previously announced.

The merger plan is now to be submitted to and registered by the Norwegian Register of Business Enterprises. The merger plan (with appendices) is attached to this notice.

Completion of the merger is subject to approval by extraordinary general meetings in Spectrum and TGS, expected to be held on 21 June 2019. Notices for the general meetings will be sent to shareholders shortly. As previously reported, Spectrum shareholders representing more than 34% have given their support to the transaction and undertaken to vote their shares in favor thereof.

For further information on the transaction, including strategic rationale, information on the two companies and the transaction terms, please see the companies’ announcements of 2 May 2019 available on www.newsweb.no along with the merger plan (with appendices) plus the TGS Annual Reports for 2018, 2017 and 2016.

For additional information about this press release, please contact:

Dean Zuzic; CFO
Email: dean.zuzic@spectrumgeo.com
Cell: +47 414 33560

Documentation:

The Merger Plan [PDF]
TGS Annual Report 2018 [PDF]
TGS Annual Report 2017 [PDF]
TGS Annual Report 2016 [PDF]


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”. www.spectrumgeo.com

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