Following the announcement on 2 May 2019 that TGS-NOPEC Geophysical Company ASA ("TGS") and Spectrum ASA ("Spectrum") plan to merge, the two companies today announced that their respective boards of directors have unanimously approved and decided upon a final merger agreement and merger plan in line with the terms previously announced.

The merger plan will now be submitted to and registered by the Norwegian Register of Business Enterprises.

Completion of the merger is subject to approval by extraordinary general meetings in TGS and Spectrum, expected to be held on or about 21 June 2019. Notices for the general meetings will be sent to shareholders soon. As previously reported, Spectrum shareholders representing more than 34% of the company's shares, have given their support to the transaction and undertaken to vote their shares in favor thereof.

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.

About Spectrum

Spectrum 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.