Court Finds CGGVeritas' Claims against Arrow Seismic 'Unfounded'
On July 7, 2008, PGS informed the market that CGG Veritas had initiated a law suit against PGS' subsidiary Arrow Seismic ASA ("Arrow").
CGG Veritas claimed US $70 million in damages on basis of the assertion that Arrow had taken on contractual obligations to charter the vessel NB 534 to CGG Veritas. Arrow denied the existence of any such contractual commitment.
On April 8, 2009, Asker and Bærum Tingrett passed judgment in favor of Arrow. The court concludes that CGGV's claim for damages is unfounded. CGGV were ordered to compensate Arrow for its legal costs. The judgment may in principle be appealed to the Court of Appeal.
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