BNY Mellon, the global leader in investment management and investment services, has been appointed by TGS-NOPEC Geophysical Company ASA as depositary bank for its sponsored American Depositary Receipt (ADR) program. Previously, TGS traded in the U.S. over-the-counter (OTC) market as an unsponsored DR program. Each TGS ADR represents one ordinary share and trades OTC under the symbol "TGSGY." TGS' ordinary shares trade on the Oslo Bors under the symbol "TGS."
TGS provides geo-science data to oil and gas exploration and production companies worldwide. In addition to extensive databases that include seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, permanent reservoir monitoring, and data integration solutions.
"We are delighted to partner with BNY Mellon in establishing a sponsored ADR program," said Kristian Johansen, CFO of TGS. "We look forward to expanding our visibility and investor base within the U.S. capital markets via this ADR program."
"We'll work closely with TGS to broaden its outreach to the global investment community, with the ultimate goal being diversification of its shareholder base by attracting more U.S. investors," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business.