TGS, Wavefield settle dispute

TGS and Wavefield have agreed to settle the dispute related to the merger process between the two companies.

Offshore staff

ASKER, Norway -- TGS and Wavefield have agreed to settle the dispute related to the merger process between the two companies. Under terms of the settlement, Wavefield will pay $12.5 million to TGS and TGS will charter a 2D vessel from Wavefield for an 18-month period beginning in April 2009.

TGS will also have the option to hire up to 24 months of un-contracted 3D vessel capacity from Wavefield over the next four years at favorable rates, securing Wavefield engagement for vessel capacity.

11/10/2008

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