TGS and Nordic Maritime Pte Ltd Sign Settlement Agreement
(Thomson Reuters ONE) -
ASKER, NORWAY (31 May 2010) - TGS and Nordic Maritime Pte Ltd (Nordic Maritime)
have signed a settlement agreement today related to the material breach dispute
between the two companies. TGS has reached a settlement in which it will pay
2.5 million USD to Nordic Maritime.
As disclosed in the TGS 2009 Annual Report, TGS made provision for costs
associated with this dispute in the 2009 financials. The net effect of the 2.5
MUSD settlement on TGS 2010 financials is considered to be immaterial.
The settlement document will be used to close the arbitration proceedings and
release the bank guarantee raised by TGS. The agreement provides for all claims
either party have against the other party, to be lifted.
TGS-NOPEC Geophysical Company (TGS) provides global geoscience data products and
services to the oil and gas industry for the exploration and delineation of
hydrocarbon reserves. We design and acquire multi-client data projects
worldwide that make up our data library of seismic, gravity/magnetic and well
data, enhanced by our seismic imaging technology and regional interpretation
expertise. Visit TGS online at www.tgsnopec.com
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 principal 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).
For additional information about this news release please contact:
Karen El-Tawil
VP, Business Development
Office: +1 713 860 2102
Cell +1 713 806 2420
Email:karen.el-tawil(at)tgsnopec.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1420016]
Unternehmensinformation / Kurzprofil:
Datum: 01.06.2010 - 07:55 Uhr
Sprache: Deutsch
News-ID 21739
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contact information:
Town:
Asker
Kategorie:
Business News
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"TGS and Nordic Maritime Pte Ltd Sign Settlement Agreement"
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