ASKER, NORWAY (3 March 2017) - On March 2, 2017, Økokrim (The Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime) issued a corporate fine of NOK 85 million (approximately USD 10 million) against TGS-NOPEC Geophysical Company ASA (TGS). The fine is based on alleged violations of the Tax Assessment Act related to a contract for the purchase of seismic data entered into in 2009 with Skeie Energy AS (later known as E&P Holding AS). Økokrim dismissed the charges against TGS for market manipulation in violation of the Securities Trading Act due to insufficient evidence. TGS has previously disclosed both charges from Økokrim in an announcement on 6 May 2014.
TGS firmly believes that Økokrim's accusations lack merit. The sales of seismic data and services to Skeie Energy were legitimate transactions between two independent companies at market prices. TGS will challenge the corporate fine and believes that a full court hearing will show that the company did nothing wrong and acted diligently in connection with the transactions.