TGS-NOPEC Geophysical Company ASA announced that it has completed its acquisition of Spectrum ASA, creating a leading global multi-client geophysical data provider. TGS first announced its intent to acquire Spectrum on 2 May 2019.

Completion of the acquisition and the merger plan has today been registered with the Norwegian Register of Business Enterprises. As a consequence and following the issuance of 16,076,047 consideration shares to the former shareholders of Spectrum, the new share capital of TGS is NOK 29,680,959.25 divided on 118,723,837 shares each with a nominal value of NOK 0.25.

Commenting on the acquisition, Kristian Johansen, CEO of TGS, said, “We are pleased to have formally closed the transaction to acquire Spectrum. Spectrum's portfolio will enhance TGS' position as a leading multi-client geophysical data provider covering all mature and frontier basins. The acquisition fits well with our asset-light business model and provides significant momentum to deliver on our long-term strategy. Further, the combination of TGS and Spectrum has been well received by our clients who will benefit from our comprehensive data library, quality and service.”

Mr. Johansen continued, “As we now move into the integration process, I’m pleased to announce that we have seen a great start to the third quarter. The combined company has already secured several larger data sales and pro-forma revenues for Q3 2019 are expected to be in excess of MUSD 250. Our strong performance is mainly due to higher license round activity in regions where TGS and Spectrum have strong data coverage and revenues related to acreage turnover.”

About TGS

TGS (OSE: 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.

About Spectrum

Spectrum (OSE: SPU) provides innovative Multi-Client seismic surveys and high- quality seismic imaging services to the global oil and gas industry from offices in the Norway, UK, USA, Brazil, Egypt, Australia, Indonesia and Singapore. Spectrum designs, acquires and processes seismic data to deliver high quality solutions through its dedicated and experienced workforce. Spectrum holds the world's largest library of Multi-Client 2D marine seismic data and a significant amount of 3D seismic. The company's strategy focuses on both the major, established hydrocarbon-producing regions of the world as well as key frontier areas identified by our experienced team of geoscientists. The Spectrum library of Multi-Client data contains projects from many of the foremost oil producing regions of the world. These include new acquisition, reprocessing and interpretation reports.