Asker and Baerum District Court today ruled in favor of TGS-NOPEC Geophysical Company ASA (TGS) in the injunction case initiated by Wavefield Inseis ASA (Wavefield). The temporary injunction dated November 21st 2007 has consequently been revoked. The court considers it unlikely that TGS will violate the procedures agreed upon in the merger plan. Wavefield's loss means that Wavefield will have to reimburse TGS' legal expenses.
We are very pleased with Asker and Baerum District Court's decision to acquit TGS and lift the temporary injunction. We also note that the Court sees no reason to disbelieve TGS' determination to continue to act in accordance with the approved merger plan. This merger plan states that any disagreements between the parties are to be resolved trough a Norwegian arbitration panel of judges. The arbitration process will now continue but obviously the Court's decision will strengthen our case, says Hank Hamilton, CEO of TGS.
In a decision dated November 21st 2007, Asker and Baerum District Court decided to accommodate Wavefield's request for an injunction to preliminarily prevent the completion of the previously agreed upon merger. This was an unnecessary step taken by Wavefield without TGS' knowledge, regardless of the fact that TGS had consistently communicated to Wavefield that they would comply with the agreement.
This has been yet another sidetrack from our agreed upon merger plan. TGS will continue to honor the merger plan and go on with the process to let the case be tried before a panel of Norwegian judges in the arbitration, Hamilton says.
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