ASKER, NORWAY (3 March 2017) - On March 2, 2017, Økokrim (The Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime) issued a corporate fine of NOK 85 million (approximately USD 10 million) against TGS-NOPEC Geophysical Company ASA (TGS). The fine is based on alleged violations of the Tax Assessment Act related to a contract for the purchase of seismic data entered into in 2009 with Skeie Energy AS (later known as E&P Holding AS). Økokrim dismissed the charges against TGS for market manipulation in violation of the Securities Trading Act due to insufficient evidence. TGS has previously disclosed both charges from Økokrim in an announcement on 6 May 2014.
TGS firmly believes that Økokrim's accusations lack merit. The sales of seismic data and services to Skeie Energy were legitimate transactions between two independent companies at market prices. TGS will challenge the corporate fine and believes that a full court hearing will show that the company did nothing wrong and acted diligently in connection with the transactions.
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: +47 90 94 36 73
Email: sven.larsen@tgs.com