TGS acquitted of charges of aiding and abetting tax law violations

Asker, Norway (16 April 2020) – In a unanimous decision by Borgarting Appeal Court issued today, TGS-NOPEC Geophysical Company ASA was acquitted of Økokrim’s charge for alleged contribution to violations of the Norwegian tax law by Skeie Energy AS in connection with tax refunds received by Skeie for purchases of seismic data from TGS in 2009.

The Appeal Court decision follows TGS’ appeal of the Oslo City Court’s split decision of 5 October 2018 in which TGS was found guilty according to the Økokrim charge and sentenced to a fine of NOK 90 million (approximately USD 8.6 million).

TGS has previously disclosed the charges from Økokrim in an announcement on 6 May 2014 and in subsequent financial statements.

TGS is satisfied with the decision, which is in line with the view the Company has argued since the case materialized in 2014.

About TGS
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, please contact:
Sven Børre Larsen
EVP Strategy and M&A
Tel: [phone]
E-mail: [e-mail]

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