NEW YORK, June 28, 2013 /PRNewswire/ -- 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.
BNY Mellon acts as depositary for more than 2,700 American and global depositary receipt programs, acting in partnership with leading companies from 68 countries. BNY Mellon is committed to helping securities issuers access the world's rapidly evolving financial markets and delivers a comprehensive suite of depositary receipt services. Learn more at www.bnymellon.com/dr
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 36 countries and more than 100 markets. As of March 31, 2013, BNY Mellon had $26.3 trillion in assets under custody and/or administration, and $1.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Learn more at bnymellon.com, or follow us on Twitter @BNYMellon.
This release is for informational purposes only. BNY Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.
SOURCE BNY Mellon