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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.