TGS' 2008 Financial Accounts Approved, No Dividend Issued

The Board of Directors of TGS today, March 24, 2009 approved the audited Financial Accounts of the TGS Group for the year 2008.

Because of the extremely cyclical nature of the oil services industry, TGS' Board of Directors remains convinced that the TGS Group's unique business model, strong balance sheet and strong cash position are essential to its financial health, risk management and future growth.

With this in mind, the Board will continue to carefully evaluate investment opportunities for growth. In addition, the Board may consider using cash reserves to repurchase shares in 2009. The Board does not propose to issue a dividend for 2008.



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