Claim for Compensation

19 May 2016OSE

ASKER, NORWAY (19 May, 2016) - The Norwegian Government has notified TGS of a claim for compensation of up to MNOK 326 for the Government's alleged tax losses arising from tax benefits received by Skeie Energy AS (later known as E&P Holding AS) under the Petroleum Tax Act in connection with a sale of seismic data in 2009 from TGS to Skeie Energy. The Government alleges that TGS has aided and abetted Skeie Energy in attaining undue tax advantages. The Tax Authorities have previously reported the same matter to Økokrim, and the Økokrim case is still under investigation. 

In the same notification, the Government also requests an extension of the statute of limitations for three years.

TGS denies any wrongdoing and maintains its position that it is not liable for the claims. TGS views the sale of seismic data to Skeie Energy as a legitimate transaction between two independent companies, involving a sale of high quality seismic data at market prices. TGS was also advised by third party legal and financial experts in relation to the transaction.  TGS received no tax benefits from the sale of the seismic data. 

For further information regarding the Økokrim matter and the transaction with Skeie Energy, please see the Annual Report 2015.



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.



Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73