In addition to our extensive global geophysical and geological data libraries, we also offer advanced processing and imaging services, interpretation products, and robust data-application integration. Access the industry’s largest volume of geoscience data through TGS’ cloud-based web portal, R360.R360 Login
TGS places great emphasis on providing accurate and timely information to the market and shareholders. Our flexible, asset-light business model and ability to adjust costs rapidly continue to allow us to deliver significant shareholder value—even in a difficult market.Learn More
It is our vision to become the leading energy information company with the best people, quality and service. Our unique culture, people and quality library will ensure that when E&P companies think geoscientific data, they think TGS.Discover How
At TGS, we place great emphasis on providing accurate and timely information on our performance and projects to the market and shareholders. Here you can access our latest news, download articles or technical papers from our library, or learn more about our upcoming conferences and events.Discover How
Our most important competitive advantage is our people. The outstanding work of our project developers, geologists, geoscientists, data processors, sales and support people has made TGS the leading multi-client player. They’re the reason TGS delivers superior project quality and financial performance year after year.Discover How
Products & Services featured content CTA would go in this area, promoting some of the company’s latest accomplishments.Products & Services featured content CTA would go in this area, promoting some of the company’s latest accomplishments.Discover How
ASKER, NORWAY (6 May 2014): Økokrim, the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime, has today presented a criminal charge against TGS for violation of the Norwegian Tax Assessment Act and the Norwegian Securities Trading Act related to a contract entered into with Skeie Energy AS, later known as E&P Holding AS, in 2009.
The charge claims that TGS contributed to an unwarranted tax refund through the Norwegian Petroleum Tax Act, related to this specific license of seismic data to Skeie Energy. Skeie Energy purchased a license to existing TGS multi-client data mainly in North Sea and Barents Sea. In addition, the company prefunded a larg 3D survey in the Hoop area of the Barents Sea. These surveys have since been licensed to multiple customers.
The payment for the transaction was made through a combination of cash payment and two loans of a total value of gross USD 42.1 million (net USD 29.4 million) which matured at year end 2010. Due to Skeie Energy's failed attempt to raise new capital, the loans were not repaid according to the agreement at the maturity date. TGS has actively tried to collect its receivables from Skeie Energy in the period since default and has recognized an impairment of USD 19.9 million in 2011, such that the remaining net value of the loan is currently USD
TGS, as a seismic data provider, does not participate in the petroleum tax refund system and received no tax benefits from the sale of seismic data to Skeie. The data sale was included in TGS' net taxable income, subject to an ordinary income tax of 28%.
With regards to the same transaction, a secondary charge is presented against TGS concerning market manipulation, for disclosing incorrect or inaccurate financial information to the market.
In TGS' opinion, the contract with Skeie Energy was an ordinary licensing transaction of high quality seismic data in a very prospective region. The sale was therefore treated in the financial statements as such.
TGS will cooperate with Økokrim to disclose all information in this matter.