Bussiness News

TGS and Nordic Maritime Pte Ltd (Nordic Maritime) have signed a settlement agreement today related to the material breach dispute between the two companies.  TGS has reached a settlement in which it will pay 2.5 million USD to Nordic Maritime.  

As disclosed in the TGS 2009 Annual Report, TGS made provision for costs associated with this dispute in the 2009 financials.  The net effect of the 2.5 MUSD settlement on TGS 2010 financials is considered to be immaterial.

The settlement document will be used to close the arbitration proceedings and release the bank guarantee raised by TGS.  The agreement provides for all claims either party have against the other party, to be lifted.

TGS-NOPEC Geophysical Company (TGS) provides global geoscience data products and services to the oil and gas industry for the exploration and delineation of hydrocarbon reserves.  We design and acquire multi-client data projects worldwide that make up our data library of seismic, gravity/magnetic and well data, enhanced by our seismic imaging technology and regional interpretation expertise. 

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 products 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.