TGS 2009 financial accounts approved, proposal to pay dividend confirmed
(Thomson Reuters ONE) -
The Board of Directors of TGS today, 23 March 2010, approved the audited
financial accounts of the TGS Group for the year 2009.
In line with the OSE release issued on 11 February 2010, the Board decided today
in their meeting to propose to the shareholders at the June 2010 Annual General
Meeting a dividend of NOK 4 per share of outstanding common stock, of which NOK
2 per share is a non-recurring distribution.
The Board further decided to propose 7 June 2010 as the ex-dividend date and 21
June 2010 as the dividend payment date and to update the Company's dividend
policy as follows:
Dividend Policy
Because of the extremely cyclical nature of the oil services industry, TGS'
Board of Directors remains convinced that the TGS Group's unique business model,
strong balance sheet and strong cash position are essential to its financial
health, risk management and future growth. With this in mind, the Board will
continue to carefully evaluate investment opportunities for growth.
It is the ambition of TGS to pay an annual cash dividend that is in line with
its long-term underlying cash flow. When deciding the annual dividend amount,
the TGS Board of Directors will consider expected cash flow, investment plans,
financing requirements and a level of financial flexibility that is appropriate
for the TGS business model. In addition to paying a cash dividend, TGS may also
buy back its own shares as part of its plan to distribute capital to
shareholders.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange
(OSLO: TGS).
For additional information about this news release
please contact:
Arne Helland
Chief Financial Officer
Tel: +47 66 76 99 31/+47 91 88 78 29
Email:arne.helland(at)tgsnopec.no
Karen El-Tawil
VP, Business Development
Tel: +1 713 860 2100
Email:karen.el-tawil(at)tgsnopec.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1396939]
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Datum: 23.03.2010 - 17:44 Uhr
Sprache: Deutsch
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