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.
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:
Chief Financial Officer
Office: +47 667 69931
Cell: +47 47 60 33 34
VP, Business Development
Office: +1 713 860 2102
Cell: +1 713 806 2420