TGS questions seismic contract fine

TGS-NOPEC plans to contest a corporate fine of NOK85 million ($10 million) imposed by Økokrim, the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime.

Offshore staff

ASKER, Norway – TGS-NOPEC plans to contest a corporate fine of NOK85 million ($10 million) imposed by Økokrim, the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime.

The fine is based on alleged violations of the Tax Assessment Act concerning a contract for seismic data, whichTGS entered into in 2009 with Skeie Energy (later known as E&P Holding AS).

Økokrim dismissed charges against TGS for market manipulation in violation of the Securities Trading Act due to insufficient evidence.

TGS says Økokrim’s accusations lack merit, claiming that the sales of seismic data and services to Skeie Energy were legitimate transactions between two independent companies at market prices.

The company believes a full court hearing will show that it did nothing wrong and acted diligently in connection with the transactions.

03/03/2017

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