Wavefield Inseis ASA has called for another Extraordinary General Meeting to consider the merger with TGS-NOPEC Geophysical Company ASA (TGS). TGS wishes to notify shareholders that the merger plan signed by both Wavefield and TGS calls for disagreements between the two companies to be addressed by a Norwegian arbitration panel of judges. TGS and Wavefield shareholders need not take any action for the Norwegian arbitration process to take place.
TGS is committed to honor and fulfill the merger plan previously adopted by more than 97% of the shareholders of both companies. The merger plan states that any disagreement regarding the completion of the merger shall be solved through arbitration, where an independent panel of Norwegian judges will hear the facts surrounding any disagreement and make its decision.
Should Wavefield and TGS be unable to reach a negotiated agreement in advance of January 5th, the parties have previously agreed to take up their disagreements through the Norwegian arbitration process. TGS has invited Wavefield to suggest how a negotiated agreement can be reached. As of January 2nd, TGS has not received any such proposals.
TGS intends to fully defend its right to such a fair hearing and prefers that any disagreements between the parties be addressed in this forum. TGS will fully abide by the arbitration panel's decision, says Claus Kampmann, Chairman of TGS.
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