In a split decision, Oslo district court concluded that TGS is guilty of aiding and abetting violations of the Tax Assessment Act related to a contract entered into in 2009.

ASKER, NORWAY (5 October 2018) - Oslo district court has today proclaimed a guilty verdict in the case where Økokrim accused TGS-NOPEC Geophysical Company ASA (TGS) of aiding and abetting violations of the Tax Assessment Act related to a contract for the purchase of seismic data and services in 2009 with Skeie Energy AS (later known as E&P Holding AS). The court has sentenced TGS to pay a corporate fine of NOK 90 million (approximately USD 11 million). TGS has previously disclosed the charges from Økokrim in an announcement on 6 May 2014 and in subsequent financial statements.

TGS categorically disagrees with the majority's guilty verdict and will notion an appeal.

 

Company Summary
TGS-NOPEC Geophysical Company (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.

 

For more information visit TGS online at www.tgs.com.

Forward-looking statements and contact information
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include TGS' reliance on a cyclical industry and principle customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data products at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO:TGS).

TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY".

For additional information about this press release please contact:

Sven Børre Larsen
Chief Financial Officer
Tel: [phone]
Email: [e-mail]

Will Ashby
SVP Investor Relations, HR & Communication
Tel: [phone] 
Email: [e-mail]

 

 

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: TGS via Globenewswire