(Oslo, 16 March 2022) The Board of directors have adopted to increase the share capital of the Company by NOK 44,126.77 by issuance of 882,535 new shares, each with a nominal value of NOK 0.05, to settle 882,535 restricted stock units (RSUs) for Management and members of the Board of Directors.
The RSUs for Management are the result of the Company's Long Term Incentive Program (“LTIP”) earned in 2021 where settlement is in shares through the established RSU program. 40% of the earned LTIP in 2021 will be settled in shares in March/April 2022, 40% in 2023 and 20% in 2024.
For the RSUs granted to the Board of Directors, reference is made to the Annual General Meeting (AGM) of Magseis Fairfield on 7 April 2021, and its approval of the compensation packages for the Board of Directors. The members of the Board of Directors of Magseis Fairfield were granted a total of 150,000 restricted stock units (RSU’s) as part of their compensation and the AGM authorised the board of directors to increase the share capital in connection with the settlement of the RSUs.
List of the primary insiders receiving RSUs and PDMR* notifications pursuant to the Market Abuse Regulation article 19 is attached to this announcement.
*Persons Discharging Managerial Responsibilities.
For further information, please contact:
André Bjørvik, SVP Corporate Communication
Tel: +47 907 42 746
Magseis Fairfield is the global leading provider of ocean bottom seismic (OBS) technology and data acquisition projects. The company has a flexible business model with full scale node operations, as well as lease and sale models. The Marine Autonomous Seismic System "MASS" nodes and the range of Z-nodes combined with handling systems and source technology enables market leading deployment speed and highly cost-efficient acquisition of data with exceptional quality.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.