Press Releases

In a split decision, Oslo district court concluded that TGS is guilty of aiding and abetting violations of the Tax Assessment Act related to a contract entered into in 2009

ASKER, NORWAY (5 October 2018) - Oslo district court has today proclaimed a guilty verdict in the case where Økokrim accused TGS-NOPEC Geophysical Company ASA (TGS) of aiding and abetting violations of the Tax Assessment Act related to a contract for the purchase of seismic data and services in 2009 with Skeie Energy AS (later known as E&P Holding AS). The court has sentenced TGS to pay a corporate fine of NOK 90 million (approximately USD 11 million). TGS has previously disclosed the charges from Økokrim in an announcement on 6 May 2014 and in subsequent financial statements.

TGS categorically disagrees with the majority's guilty verdict and will notion an appeal.

About TGS

TGS provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration solutions.

All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include TGS' reliance on a cyclical industry and principal customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data product at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

Larsen-Sven-Borre_Hart_151022_0047(1)

Sven Børre Larsen

Chief Financial Officer

Tel: +47 90 94 36 73

contact_ashby

Will Ashby

Vice President HR & Communication

Tel: +1 713 860 2184