TGS Updates on Arbitration Process with Wavefield

TGS has now received the next pleading and the writ related to the counterclaim from Wavefield in the arbitration process between the two companies. Wavefield is claiming damages limited upwards to NOK 150 millions (approximately US $26.5 million) plus interest and costs.

In the pleading, Wavefield reserves a right to increase the claim.The claim is for alleged losses related to lost business opportunities and direct costs in connection with the merger. TGS and its lawyers reject the claim for compensation as being without legal reasons.