TGS-NOPEC Geophysical Company ASA (TGS) and Wavefield Inseis ASA (Wavefield) have not reached an agreement regarding completion of the merger during the 30 days negotiation period. The approved merger plan calls for disagreements between the two companies to be referred to a Norwegian arbitration process. This arbitration process has now been implemented by TGS.
Wavefield and TGS have previously agreed to refer their disagreements regarding the merger to arbitration in Norway. These procedures were specifically discussed and approved by Wavefield and TGS during the contract negotiations. TGS has implemented the arbitration process in a letter of today to Wavefield .- Let a Norwegian arbitration panel look at the facts and settle the matter. We'll abide by the panel's decision, says Claus Kampmann, Chairman of TGS.
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