May 11, 2011 at 01:50 AM EDT
TGS Repurchase of Shares

ASKER, NORWAY (10 May 2011) TGS-NOPEC Geophysical Company ASA ("TGS") has today purchased 68,000 own shares at an average price of NOK 144.90 per share.

Following the purchase, TGS holds 1,550,151 own shares, representing 1.49% of the outstanding number of shares.  

The transaction is part of the share buyback program announced by TGS on 11 February 2010. The buyback program includes a repurchase of up to USD 30 million of TGS shares during 2010.

Company summary   

TGS-NOPEC Geophysical Company (TGS) provides global geoscience data products and services to the oil and gas industry for the exploration and delineation of hydrocarbon reserves.  We design and acquire multi-client data projects worldwide that make up our data library of seismic, gravity/magnetic and well data, enhanced by our seismic imaging technology and regional interpretation expertise.  Visit TGS online at www.tgsnopec.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 (OSLO:TGS).

For additional information about this press release please contact:

Kristian Johansen
Chief Financial Officer
Office: +47 667 69931
Cell: +47 47 60 33 34
Email: kristian.johansen@tgsnopec.com

Karen El-Tawil
VP, Business Development
Office: +1 713 860 2102
Cell: +1 713 806 2420
Email: karen.el-tawil@tgsnopec.com

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 Reuters clients.

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 the
information contained therein.

Source: TGS via Thomson Reuters ONE

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