TGS ASA — M&A Activity 2019

Aug 7, 2019

Merger between TGS and Spectrum declared unconditional - key dates for completion

Merger between TGS and Spectrum declared unconditional - key dates for completion

Oslo 7 August 2019:

Reference is made to previous stock exchange announcements regarding the merger

between TGS-NOPEC Geophysical Company ASA ("TGS", OSE: TGS) and Spectrum ASA

("Spectrum", OSE: SPU).

All conditions for the merger have now been fulfilled, and the parties have

declared the transaction unconditional.

Key dates and information for the completion of the merger are as follows:

+---------------------------------------+--------------------------------------+

|Last day of trading in Spectrum shares |14 August 2019 |

|on Oslo Børs: | |

+---------------------------------------+--------------------------------------+

|Effective Date (of completed merger): |14 August 2019 |

+---------------------------------------+--------------------------------------+

|First day of trading in combined |15 August 2019 |

|company: | |

+---------------------------------------+--------------------------------------+

|Record date for delivery of |16 August 2019 |

|consideration shares and cash | |

|consideration: | |

+---------------------------------------+--------------------------------------+

|ISIN (TGS, unchanged): |NO 0003078800 |

+---------------------------------------+--------------------------------------+

|Transferor company: |Spectrum |

+---------------------------------------+--------------------------------------+

|Transferee company: |TGS AS, with consideration shares |

| |issued by TGS |

+---------------------------------------+--------------------------------------+

|Merger consideration: |Shareholders in Spectrum will for each|

| |Spectrum share held per the record |

| |date receive (i) 0.28 shares in TGS |

| |and (ii) NOK 0.655 in cash. |

+---------------------------------------+--------------------------------------+

|Date of approvals: |21 June 2019 (extraordinary general |

| |meetings) |

+---------------------------------------+--------------------------------------+

For further information and details on the merger, please see stock exchange

announcements of 2 May 2019 and 21 May 2019.

Company summary

TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil

and gas Exploration and Production companies worldwide.  In addition to

extensive global geophysical and geological data libraries that include multi-

client seismic data, magnetic and gravity data, digital well logs, production

data and directional surveys, TGS also offers advanced processing and imaging

services, interpretation products, and data integration solutions. For more

information visit TGS online at www.tgs.com (http://www.tgs.com). For further

information regarding this announcement please contact: Sven Børre Larsen Chief

Financial Officer Tel: +47 909 43 673 E-mail: investor@tgs.com

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act