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Wavefield Inseis ASA (OSL:WAVE) Reference is made to Wavefield's press release of 28 August 2008 regarding the arbitration against TGS-NOPEC ASA. According to the time schedule agreed with the arbitration panel in August 2008, Wavefield filed on 26 September 2008 a claim for compensation against TGS. The claim is based upon misrepresentation and serious breach of information obligations regarding TGS' weak performance in Q3 2007, which was announced immediately after Wavefield shareholders approved the merger between the parties.
The compensation claim amounts to NOK 150 millions and cover direct losses only. Wavefield has reserved its right to increase the claim to also include loss of business opportunities due to TGS' harmful behavior.
The arbitration process will start in Norway on November 3rd .It will be according to Norwegian law and with an arbitration council consisting of three highly qualified and respected lawyers.
Wavefield Inseis ASA is a Norwegian marine geophysical company providing proprietary data acquisition services and offers a portfolio of non-exclusive Multi Client data to the global exploration community, developed in partnership with oil companies and governments. Our range of products includes long offset 2D, high capacity 3D, 4D, Multi-azimuth and Wide-azimuth data acquired with highly specified vessels and the latest seismic equipment, including our OPTOWAVE(TM) multi-component ocean bottom cable (4C OBC) system for permanent seismic 4D monitoring that uses optical sensor technology. We are also in the process of launching a new concept for EM acquisition and data analysis. From our main offices in Bergen and Oslo, Norway, and our other locations in London, Houston, Singapore and Perth, Wavefield Inseis has a global reach, with activities world wide.
