TGS Vesting under the 2021 long-term incentive plan

Oslo, Norway (August 12, 2024) – In accordance with the measures approved by TGS shareholders at the Annual General Meeting held on May 11, 2021, the Board of Directors of TGS Geophysical Company ASA authorized TGS to grant Performance Stock Units (PSUs) and Restricted Stock Units (RSUs) under the Long Term Incentive Plan 2021 to key employees of TGS on August 10, 2021. Each RSU represented the right to receive one share, while each PSU represented the right to receive a maximum of one share, depending on performance against targets during the measurement period from January 1, 2021 to December 31, 2023. The PSUs and RSUs granted were covered by freestanding warrants.

In accordance with the terms of the 2021 Long Term Incentive Plan, the PSUs and RSUs vested on August 10, 2024, resulting in a total of 71 PSU/RSU holders entitled to request the issuance of a total of 159,460 TGS shares at a nominal value of NOK 0.25. The TGS Board of Directors has determined that the final payout on the PSUs will be 20.0% based on the achievement of the performance indicators set out in the plan, resulting in a total of 58,060 shares issuable to seventeen holders of the vested PSUs. In addition, 101,400 shares are issuable to fifty-four employees for the vesting of the RSUs.