TGS ASA — Remuneration Information 2020

Aug 19, 2020

TGS Awards Performance Share Units and Restricted Share Units

TGS Awards Performance Share Units and Restricted Share Units

Oslo, Norway (19 August 2020) - TGS NOPEC Geophysical Company ASA has issued

awards of Performance Share Units (PSUs) and Restricted Share Units (RSUs) to

102 key employees of the Company, as authorized by the shareholders of the

Company at its Annual General Meeting on 12 May 2020.  The PSUs and RSUs are

secured by free-standing warrants that, upon vesting of the PSUs and RSUs in

accordance with their terms, are convertible to shares of the Company's common

stock.  Each PSU represents the right to receive the maximum of one share, while

each RSU represents the right to receive one share.

The PSUs are granted to members of the executive and senior leadership teams and

will vest on 10 August 2023, provided the employee remains employed with TGS on

the vesting date.  Upon vesting, the PSUs will be converted to TGS shares on the

terms approved by the Annual General Meeting, depending on performance versus

target metrics.  The number of shares will be determined by multiplying the

number of PSUs granted by a factor of 0% to 100%.  The factor is determined by

performance against three target metrics: (i) relative return on average capital

employed compared against a defined peer group of companies, (ii) TGS' return on

average capital employed, and (iii) HSE and Sustainability goals.  Each of the

performance metrics is measured for the period 1 January 2020 through 31

December 2022.

The RSUs are granted to certain key employees and will also vest on 10 August

2023, provided the employee remains employed at vesting and has achieved a

satisfactory performance rating against their goals over the three-year plan

period.  Upon vesting, the holder of the RSUs will receive an equivalent number

of TGS shares.

The list of the primary insiders receiving PSUs and RSUs is attached. The

maximum number of new shares to be issued under the awarded PSUs and RSUs is

416,100.

About TGS

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.

Forward Looking Statement

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 product at costs commensurate with profitability, as

well as volatile market conditions, which have been exacerbated by the COVID-19

pandemic and the severe drop in oil prices.  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.

For more information, visit TGS.com (http://www.tgs.com) or contact:

Fredrik Amundsen

Chief Financial Officer

investor@tgs.com (mailto:investor@tgs.com)