TGS and Wavefield have agreed to settle the dispute related to the merger process between the two companies. Under terms of the settlement, Wavefield will pay US $12.5 million to TGS and TGS will charter a 2D vessel from Wavefield at favorable rates for an 18 month period beginning in April 2009.
TGS will also have the option to hire up to 24 months of un-contracted 3D vessel capacity from Wavefield over the next four years at favorable rates, securing Wavefield engagement for vessel capacity.
The arbitration process already in progress will be stopped and all claims either party have against the other party, its shareholders, board members, employees or advisors are waived.
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