Norway: Gov’t serves TGS with $39M compensation claim

Norwegian seismic specialist TGS has been served with a $39 million compensation claim by the Norwegian government.

The company on Thursday said that the 326 million Norwegian crowns claim was related to 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.

According to TGS, the Government alleges that TGS has aided and assisted Skeie Energy in obtaining 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,” TGS said.

 

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