TGS ASA — AGM Information 2018

May 9, 2018

TGS-NOPEC GEOPHYSICAL COMPANY ASA

MINUTES FROM ANNUAL GENERAL MEET¡NG

The annual general meeting of TGS-NOPEC Geophysical Company ASA, reg. no 976 695 372 (the "Company"), was held on 8 May 2018 at the offices of Schjødt law firm at Ruseløkkveien 16, NO-0201, Oslo, Norway at 5:00 pm (Oslo time).

The following matters were on the agenda

Opening and registration of attending shareholders I

Chairman of the board, Henry H. Hamilton lll, opened the general meeting. 46,809,IL9 shares, representing 45.70% of the share capital, were present.

Appo¡ntment of meeting chaír and a person to co-sign the minutes 2

Viggo Bang-Hansen of law firm Schjødt was elected to chair the meet¡ng. Christian Dahl Aaser was elected to co-sign the minutes.

Approval of the not¡ce and the agenda 3

The general meeting made the following resolution: "The notice and the ogendo are opproved".

Approval of the financial statements and board's report for 2017 4

The Company's CFO gave a presentat¡on of the 2017 financial statements. The general meeting thereafter made the following resolution: "The generol meet¡ng opproves the board's report for 2017 and the Company's finoncial statements for 2077".

Appointment of new auditor 5

ln accordance with the board's proposal, the general meeting made the following resolution: "Ihe generol meeting opproves the oppointment of KPMG AS øs the new ouditor for the Company" .

Approval of auditor's fee 6

ln accordance with the board's proposal, the general meeting made the following resolution: "Ihe generol meeting approves the dud¡tor's fees for 2017".

Appointment of members to the board 7

The chair of the nomination committee presented the committee's proposal for the composition of the board. ln accordance with the proposal, the general meeting thereafter appointed the following persons to serve as directors until the annual general meeting in 2019:

• Henry H. Hamilton lll, chairman (re-elected)
• Vicki Messer (re-elected)
• Wenche Agerup (re-elected)

• Torstein Sannes (re-elected)

• Mark Leonard (re-elected)

• Tor Magne Lønnum (re-elected)
• Elisabeth Grieg (re-elected)
• Nils Petter Dyvik (re-elected)

8 Approval of remuneration to the members of the board

The chair of the nomination comm¡ttee presented the committee's proposal for remunerat¡on to the members of the board for the period until the annual general meeting in 2019. ln accordance with the proposal, the general meeting thereafter made the following resolution: "The chairmon sholl receive in totol USD 200,000 to be poid bi-onnuolly until the annuol general meet¡ng in 201"9. Each of the directors, other thon the chairmon, sholl receive NOK 295,000 to be poid bi-onnually until the ønnuøl general meet¡ng in 201-9. ln oddition, each of the directors other thon the choirmon shall receive L,650 restricted shares in the Compony on 9 Moy 20L8. No consideration shall be poid for the restricted shores, but the directors connot sell any of these shores before 9 Moy 2020. The chairman oÍ the oud¡t committee and the choirmon of the compensot¡on comm¡ttee sholl eoch receive a flot fee of NOK 45,000 to compensote for the odditionøl work the chairmonships entail".

9 Appointment of members to the nomination committee

The chair of the nomination committee presented the committee's proposal for the compos¡t¡on of the nom¡nation committee. ln accordance with the proposal, the general meet¡ng thereafter re-elected Herman Kleeven as member of the nomination committee for a period of two years. The nomination comm¡ttee thus continue to consist of:

• Tor Himberg-Larsen, committee chairman - Herman Kleeven, member - Christina Stray, member

10 Approval of remuneration to the members of nomination committee

The chair of the nominat¡on committee presented the comm¡ttee's proposal for remuneration to its members for the period 10 May 2017 to 9 May 2018. ln accordance with the proposal, the general meeting thereafter made the following resolution: "The fee to members of the nominat¡on comm¡ttee sholl be NOK 7,500 per meeting to eoch member to compensote for the time spent for the work of the comm¡ttee. ln add¡tion, the chairman of the nominot¡on committee shall be poid NOK 80,000 to compensate for the additionol work the chairmonship entoils".

LL Statement on corporate governance pursuant to section 3-3b of the Norwegian Accounting Act

Reference mas made to the Company's statement on corporate governance made in accordance with section 3-3b of the Norwegian Accounting Act. No remarks were made by the general meeting and no voting was held by for this agenda item.

t2 Statement on remuneration principles for senior executives

Reference was made to the Company's statement with respect to the principles for remuneration for senior executives of the Company. ln accordance with the board's proposal, the general meeting thereafter made the following resolution: "The statement pursuont to Section 6-16o of the Norwegion Public Limited Liability Componies Act is noted and øpproved".

13 Approval of long-term incentive plan and resolution to issue free-standing warrants

Reference was made to the descriptions of the proposed long-term incentive plan for 20L8, cf. the Norwegian Public Limited Companies Act sections 5-6 (3) and 6-16a first paragraph third sentence no 3. ln accordance with the board's proposal, the general meeting thereafter made the following resolution:

• The generol meet¡ng opproves the 20L8 long-term ¡ncent¡ve plan. (¡)
• The Company sholl issue o minimum of 10,000 ond a moximum of 444,200 free-standing worrants, however subject to the requirement that the number of issued and outstanding freestanding worrønts sholl in no event exceed 70 percent oÍ the registered number of shares in the Company at the dote of th¡s resolution. (¡i)
• (¡¡¡) Each free-stonding warrant shall give the right to subscribe for 1 shore ot a por value of NOK

0.2s

• (iv) The free-stonding warrants moy be subscribed for by employees who ore gronted rights under the long-term incentive plan upon the decision by the Board. Existing shareholders shøll not have preferred rights to subscribe for the free-stonding warronts pursuont to the Norwegian Public LÌmited Companies Act sect¡on LL-13, cf. sections L0-4 ond L0-5.
• (v) The free-stonding worronts sholl be subscribed for on a seporate subscription form ot the latest by L5 November 2078. The employees sholl not poy for the free-standing worronts issued.
• (v¡) The price to be poid for the shares issued on the basis of the free-stønding worronts shøll be the par value of the shores, NOK 0.25 per shøre.
• (vii) The right to request the issuance of shores under the free-stonding warronts follows from the long-term ¡ncent¡ve plon, but so thot no free-stonding worront con be exchonged for shores later than five yeors following the dote of this general meeting.
• (viii) The holder of the free-stonding warrants sholl not hove rights as o shareholder wíth regard to copitol increases, capital reduct¡ons, new resolut¡ons on the issue of worrants, dissolution, merger, demerger or reorgonizot¡on, except with respect to shares that have been issued to and paid for by the free-standing worrønt holder. IJpon chonges in the Company's shore copitol, such as shore splits, reverse splits ond other capitol oct¡ons os provided for in the long-term incent¡ve plan, the worront terms (subscription pr¡ce ond number of shores to be issued upon exercise) shall be odjusted os set out in the long-term incentive plon.
• Shores issued on the basis of the free-stondÌng wørronts shall give r¡ght to dividends declored following the dote the shares are issued. (¡x)
• As part of the long-term incentive plan, the free-stonding worronts connot be transferred. Any outstonding free-standing worronts shall be tronsferred back to the Company os and when the right to exercise the right to request shares in exchonge for the free-standing worrants is lost pursuant to the underlying long-term incentive plan. (x)

Board authorization to acquire own shares L4

Reference was made to the board's proposal to authorize acquisitions of own shares. ln accordance with the proposal, the general meeting thereafter made the following resolution:

• (i) The boørd is hereby outhorized to ocqu¡re, on beholf of the Compony, the Compony's own shores up to L0% of the nominal value of Compony's share copitol, which pursuant to the current nominol volue is up to NOK 2,560,487.25. The l¡m¡tations sholl be odjusted in the event of shøre consolidation, share splíts, and similor tronsoctions.
• The lowest price to be paid per share shall be NOK 0.25 and the highest price to be paid per shore shall be the volume weighted average prÌce os quoted on the stock exchonge forthe five business doys prior to the time of the acquisition plus 5%. The lowest price is equal to the current nominol volue ond sholl be adjusted in the event of share consolidotion, share splits, ond similar transoct¡ons. (¡¡)
• Acquisitions and soles of the Company's own shores con toke ploce in the monner which the Boord of Directors considers to be in the Compony's best ¡nterest. (¡ii)
• The authorization møy be used one or severøl times, This authority sholl be volid until the onnual generol meeting in 2079, however no longer than until 30 June 20L9. (iv)
• The outhorizotion shall replace previously granted authorizotions to ocquire own shores. (v)

Board authorizations to (a) issue new shares and (b) issue convertible loans 15

Reference was made to the board's proposal to authorize the issue of new shares and convertible loans ln accordance with the proposal, the general meeting thereafter made the following resolution:

A I Shore issue authorizøtion:

• In accordance with section 10-4 of the Norwegion Public Limited Componies Act, the boord is gronted the outhorizotion to ¡ncrease the Compony's shore capital by up to NOK 2,560,487.25 through one or more issuonces of new shares or bonus issues. The subscription price ond other subscription terms will be determined by the board. (¡)
• The copital increase moy be paid in cash, by set-off or by other contributions in kind. The outhorizotion includes the right to ¡ncur special obligotions on behalf of the Compony, cf. Section L0-2 oÍ the Norwegian Public Limited L¡ob¡lity Companies Act. (i¡)
• The shareholders' pre-emptive rights pursuont to Sections 10-4, cf. Section L0-5 of the Norwegian Public Limited Liobility Companies Act, to subscribe for ony new shores møy be devioted from by the boord. (¡i¡)
• The outhorization shall encompass shore capitol increoses in connect¡on with mergers, cf. section 13-5 of the Norwegian Public Limited L¡abil¡ty Companies Act. (¡v)
• The authorizotion is valid until the annuol generol meeting in 20L9, but no loter thon 30 June 20L9. (v)
• The authorizotion shall replace previously gronted authorizat¡ons to issue new shares. (vi)
• B I Convertible loon authorizotion:
• (¡) ln occordance with section 11-8 of the Norwegion Public Limited Companies Act, the Board is gronted the outhorizotion to ¡ssue loons for o total amount of up to NOK 2,250,000,000 with the r¡ght to require shares to be issued (convertible loons).
• (i¡) The shore copitol may be increosed by up to NOK 2,560,487.25, provided that the combined number of shores thot ore issued pursuant to this outhorization ond the author¡zotion in agenda item 15(a) shall not exceed 70% of the Company's current shore copital.
• (¡ii) The subscription price and other subscription terms will be determined by the Boord.
• (¡v) The shoreholders' pre-emptive rights pursuant to sect¡on 11-4 of the Norweg¡an Public Limited Companies Act cf. sections 70-4 ønd L0-5, may be deviated from by the Boord.
• (v) The outhorization is volìd until the annuol generol meeting in 201.9, but no loter than 30 June 20L9.
• (v¡) The outhorization sholl reploce previously gronted authorizot¡ons to issue convertible Ioons.

16 Board authorizat¡on to distribute dívidends

Reference was made to the board's proposal to authorize payment of quarterly dividends. ln accordance with the proposal, the general meeting thereafter made the following resolution: "The Compony outhorizes the boord to distribute quorterly dividends on the bosis of the f¡nanc¡ol statements for 2017, The boord sholl, when using the authorization, poss its decision in accordance with the Company's opproved dividend policy. The authorization shall be volid until the Compøny's onnuol generol meeting ¡n 20L9, but no loter than 30 June 20L9".

*/*/*/*

No other items were on the agenda, and no additional proposals or issues were against each res agenda item, as well as any blank votes, are set ap to these The numbers of and

the meeting

Christian Dahl Aaser co-signatory

Total Represented

ISIN:	NO0003078800 TGS NOPEC GEOPHYSICAL COMPANY ASA
General meeting date: 0B/05/2018 17.00
Today:	08.05.2018

Number of persons with voting rights represented/attended : 6

	Number of shares	olo SC
Total shares	1o2,4r9,49O
- own shares of the company	1 16,180
Total shares with voting rights	102,303,310
Represented by own shares	L4,O77,965	L3.76 o/o
Represented by advance vote	57,620	0.06 %
Sum own shares	14,135,585	L3.82 o/o
Represented by proxy	42O,843	O.4t o/o
Represented by voting instruction	32,252,690	31.53 o/o
Sum prory shares	32,673,533	3L.94 o/o
Total represented with voting rights	46,809,118	45.76 olo
Total represented by share capital	46,809,118	45.7O o/o

Registrar for the company:

Signature company:

DNB Bank ASA

NB BanK ASA Verdipapirservice

TGS GEOPHYSÏCAL COMPANY ASA

Protocol for general meeting TGS NOPEC GEOPHYSICAL COMPANY ASA

ISIN: NO0003078800 TGS NOPEC GEOPHYSICAL COMPANY ASA

General meeting date: 08/05/2018 17.00

Today: 08.05.2018

uay.	uo.

Shares class	FOR	Against	Poll in	Abstain	Poll not registered	Represented shares with voting rights
Agenda item 2 Appointment of meeting chair and a person to co-sign the minutes
Ordinær	46,809,118	0	46,809,118	0	$\bf{0}$	46,809,118
votes cast in %	100.00 %	0.00%		0.00%
representation of sc in %	100.00 %	$0.00 \%$	100.00 %	0.00%	0.00%
total sc in %	45,70 %	$0.00 \%$	45.70 %	0.00%	0.00%
Total	46,809,118		0 46,809,118	O	0	46,809,118
Agenda item 3 Approval of the notice and the agenda
Ordinær	46,809,118	0	46,809,118	0	0	46,809.118
votes cast in %	100.00 %	0.00%		0.00%
representation of sc in %	100.00 %	0.00%	100.00 %	0.00%	0.00%
total sc in %	45.70 %	0.00%	45.70 %	0.00%	0.00%
Total	46,809,118		0 46,809,118	$\bf o$	o	46,809,118
Agenda item 4 Approval of the financial statements and Board's report for 2017
Ordinær	46,809,118	0	46,809,118	$\bf{0}$	0	46,809,118
votes cast in %	100.00 %	0.00%		0.00%
representation of sc in %	100.00 %	$0.00 \%$	100.00 %	0.00%	$0.00 \%$
total sc in %	45.70 %	$0.00 \%$	45.70 %	0.00%	0.00%
Total	46,809,118	0	46,809,118	o	0	46,809,118
Agenda item 5 Appointment of new auditor
Ordinær	46,809,118	0	46,809,118	0	0	46,809,118
votes cast in %	100.00 %	$0.00 \%$		$0.00 \%$
representation of sc in %	100.00 %	$0.00 \%$	100.00 %	0.00%	0.00%
total sc in %	45.70 %	0.00%	45.70 %	0.00%	0.00%
Total	46,809,118	0	46,809,118	$\bf o$	O	46,809,118
Agenda item 6 Approval of auditor's fee
Ordinær	46,809,118	0	46,809,118	$\bf{0}$	0	46,809,118
votes cast in %	100.00 %	0.00%		0.00%
representation of sc in %	100.00 %	$0.00 \%$	100.00 %	0.00%	0.00%
total sc in %	45.70 %	$0.00 \%$	45.70 %	0.00%	0.00 %
Total	46,809,118		0 46,809,118	0	o	46,809,118
Agenda item 7 Appointment of members to the Board
Ordinær	43,318,362	3,490,756	46,809,118	0	0	46,809,118
votes cast in %	92.54 %	7.46 %		0.00%
representation of sc in %	92.54 %	7.46 %	100.00 %	0.00%	0.00 %
total sc in %	42.30 %	3.41 %	45.70%	0.00%	0.00%
Total				o	$\bf{o}$	46,809,118
43,318,362 3,490,756 46,809,118 Agenda item 7a Henry H. Hamilton, Chairman
Ordinær	46,788,507	20,611	46,809,118	0	0	46,809,118
votes cast in %	99.96 %	0.04%		0.00%
representation of sc in %	99.96 %	0.04%	100.00 %	0.00%	$0.00 \%$
total sc in %	45.68 %	0.02%	45.70 %	0.00%	$0.00 \%$
Total	46,788,507		20,611 46,809,118	0	0	46,809,118
Agenda item 7b Mark Leonard
Ordinær	46,651,555	157,563	46,809,118	0	0	46,809,118
votes cast in %
representation of sc in %	99.66 %	0.34%		0.00%
total sc in %	99.66 % 45.55 %	0.34% 0.15%	100.00 % 45.70 %	0.00 % $0.00 \%$	$0.00 \%$ 0.00%
Total	46,651,555		157,563 46,809,118	0	o	46,809,118

Shares class	FOR	Aga¡nst Poll in				Absta¡n Poll not reg¡stered Represented shares w¡th vot¡ng r¡ghts
7c vick¡ Messer Agenda ¡tem
Ordinær	46,788,605		20,513 46,809,118	0		46,809,118
votes cast ¡n o/o	99.96 o/o	O,O4 o/o		0.00 0/o
representation of sc in o/o	99.96 o/o	O.O4 o/o	100.00 o/o	0.00 o/o	0.00 o/o
total sc in o/o	45.68 o/o	O.O2 o/o	45.70 o/o	0.00 o/o	0.00 o/o
Total	461788,6lJ5		20,513 46,809,118	o	o	46,8O9,118
Agenda ¡tem 7d Tor lrlagne Lønnum
Ordinær	46,748,605		20,513 46,809,118	0	0	46,809,118
votes cast in o/o	99.96 o/o	O.O4 o/o		0.00 o/o
representat¡on of sc in o/o	99.96 o/o		O.O4 o/o 100.00 o/o	0.00 o/o	0.00 o/o
total sc in 7o	45.68 o/o	0.02 o/o	45.70 o/o	0.00 o/o	0.00 o/o
Total	46,788,605		20,513 46,809,118	o	o	46,809,118
Agenda item 7e Wenche Agerup
Ordinær			46,788,605 20,513 46,809,118	0	0	46,809,118
votes cast in o/o	99,96 o/o	O,O4 o/o		0.00 o/o
representation of sc ¡n o/o	99.96 o/o		O.O4 o/o 100.00 o/o 0.00 o/o		0.00 o/o
total sc in o/o			45.680/o O.O2o/o 45.70o/o 0.00 o/o		0.00 o/o
Total			46,7Aê,605 20,513 46,809,118	O	O	46,809,r18
Agenda item 7f Elisabeth Grieg
Ordinær			46,788,605 20,513 46,809,118	0	0	46,809,118
votes cast in o/o	99.96 o/o	O.O4 o/o		0.00 o/o
representation of sc in o/o	99.96 o/o		0.04 o/o 100.00 o/o 0.00 o/o		0.00 o/o
total sc in o/o	45.68 o/o	O.O2 o/o		45.70 o/o 0.00 o/o	0.00 o/o
Total			46,788,605 20,513 46,809,118	O	O	46,809,118
Agenda item 79 Torstein Sanness
Ordinær			46,740,647 24,43t 46,809,118	0	0	46,809.118
votes cast in o/o	99.94 o/o	0.06 o/o		0.00 o/o
representat¡on of sc in 7o	99.94 o/o		0.06 o/o 100.00 o/o 0.00 %		0.00 o/o
total sc ¡n o/o	45.68 o/o	0.03 o/o		45.70 o/o 0.00 o/o	0.00 o/o
Total			46,7A0,6A7 28,431 46,809,118	O	O	46,8O9,118
Agenda item 7h N¡ls Petter Dyv¡k
Ord¡nær			46,7AA,605 20,513 46,809,118	0	0	46,809,118
votes cast ¡n o/o	99.96 o/o	O.O4 o/o		O.OO o/o
representat¡on of sc in o/o	99.96 o/o		O.O4 o/o 100.00 o/o 0.00 o/o		0.00 o/o
total sc in o/o	45,68 o/o	O.O2 o/o		45.70 o/o 0.00 o/o	0.00 o/o
Total			46,788,605 20,513 46,809,118	O	O	46,8O9,1r8
Agenda ¡tem I Approval of remuneration to the membens of the Board
Ordinær			46,520,925 288,193 46,809,118	0	0	46,809,1 18
votes cast in o/o	99.38 o/o	0.62 o/o		0.00 o/o
representat¡on of sc in %o	99.38 o/o		O,62 o/o 100.00 o/o 0.00 o/o		0.00 o/o
total sc in o/o	45,42 o/o	O.28 o/o		45.70 o/o 0.00 o/o	0.00 o/o
Total			46,520'925 288,193 46,809,118	O	O	46,8O9,118
Agenda item 9 Appointment of members to the Nom¡nation Comm¡ttee: a- Herman Kleeven
Ord¡nær	46,809,118		0 46,809,118	0	0	46,809,1 18
votes cast in o/o 100.00 o/o		0.00 o/o		0.00 o/o
representation of sc in o/o 100,00 o/o			0.00 o/o 100.00 o/o 0.00 o/o		0.00 o/o
total sc ¡n o/o	45.70 o/o	0.00 o/o		45.70 o/o 0.00 o/o	0.00 o/o
Total	46,809,118		O 46,809,118	O	O	46,809,r18
Agenda item 10 Approval of remunerat¡on to the members of the Nomination Comm¡ttee
Ordin¿er			44,8L4,636 I,994,4A2 46,809,118	0	0	46,809,118
votes cast in 7o	95.74 o/o	4.26 o/o		0.00 o/o
representation of sc in Vo	95.74 o/o		4.26 o/o 100.00 %	0.00 o/o	0.00 o/o
total sc in o/o	43.76 o/o	L.95 o/o		45.70 o/o 0.00 o/o	0.00 o/o
Total			44,A14,636 1,994,482 46,809,118	O	O	46,8O9,118

Shares class	FOR	Against	Poll in	Abstain		Poll not registered Represented shares with voting rights
Agenda item 12 Statement on remuneration principles for senior executives
Ordinær	46,517,025	292,093	46,809,118	0	0	46,809,118
votes cast in %	99.38%	0.62%		0.00%
representation of sc in %	99.38 %	0.62%	100.00 %	0.00%	0.00%
total sc in %	45.42 %	0.29%	45.70%	0.00%	0.00%
Total	46,517,025		292,093 46,809,118	O	0	46,809,118
Agenda item 13 Approval of long-term incentive plan and resolution to issue free-standing warrants
Ordinær	46,130,128	598,990	46,729,118	80,000	0	46,809,118
votes cast in %	98.72 %	1.28 %		0.00%
representation of sc in %	98.55 %	1.28 %	99.83 %	0.17%	$0.00 \%$
total sc in %	45.04 %	0.59%	45.63 %	0.08%	$0.00 \%$
Total	46,130,128		598,990 46,729,118	80,000	$\mathbf o$	46,809,118
Agenda item 14 Board authorization to acquire own shares
Ordinær	44,669,450	1,810,878	46,480,328	328,790	$\bf{0}$	46,809,118
votes cast in %	96.10 %	3.90 %		$0.00 \%$
representation of sc in %	95.43 %	3.87 %	99.30 %	0.70%	$0.00 \%$
total sc in %	43.61 %	1.77 %	45.38 %	0.32%	$0.00 \%$
Total			44,669,450 1,810,878 46,480,328 328,790		$\bf{0}$	46,809,118
Agenda item 15 Board authorizations to (a) issue new shares and (b) issue convertible loans
Ordinær	45,089,768	1,719,350	46,809,118	0	$\mathbf 0$	46,809,118
votes cast in %	96.33 %	3.67%		0.00%
representation of sc in %	96.33 %	3.67%	100.00 %	0.00%	0.00%
total sc in %	44.03%	1.68%	45.70 %	$0.00 \%$	$0.00 \%$
Total			45,089,768 1,719,350 46,809,118	O	$\bf o$	46,809,118
Agenda item 16 Board authorization to distribute dividends
Ordinær	46,809,118	0	46,809,118	0	$\mathbf 0$	46,809,118
votes cast in %	100.00 %	0.00%		$0.00 \%$
representation of sc in %	100.00 %	0.00%	100.00 %	0.00%	$0.00 \%$
total sc in %	45.70 %	0.00%	45.70%	0.00%	0.00%
Total	46,809,118		0 46,809,118	$\bf{0}$	$\mathbf o$	46,809,118

Registrar for the company;

Sum:

Signature company:

DNB Bank ASA TGS NOPEG GEOPHYSICAL COMPANY ASA DNB Bank ASA Verdipapirservice Share information Name Total number of shares Nominal value Share capital Voting rights Ordinær 102,419,490 0.25 25,604,872.50 Yes

§ 5-17 Generally majority requirement

requires majority of the given votes

§ 5-18 Amendment to resolution
Requires two-thirds majority of the given votes like the issued share capital represented/attended on the general meeting