TGS Hit with USD 39 Mln Government Compensation Claim

TGS has been notified by the Norwegian Government of a compensation claim worth up to NOK 326 million (USD 39 million).

According to the TGS’ statement, the claim is for the Government’s alleged tax losses arising from tax benefits received by Skeie Energy AS (later known as E&P Holding AS) in connection with a sale of seismic data in 2009 from TGS to Skeie Energy.

The Government stated that TGS has aided and abetted Skeie Energy in attaining undue tax advantages.

In the same notification, the Government also requests an extension of the statute of limitations for three years, TGS noted.

“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,” the company said.

Share this article

Follow Subsea World News

Events>

<< Mar 2017 >>
MTWTFSS
27 28 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

The 22nd lnternational Offshore Crane and Lifting Conference

The Norwegian Society of Lifting Technology (NSLT) & The Offshore Mechanical Handling Equipment Committee (OMHEC) invite you …

read more >

OMC 2017

OMC mission is serving all people interested in the Mediterranean Offshore Industry…

read more >

Ocean Business 2017

Ocean Business 2015 was phenomenally successful, with visitor numbers up an incredible 29%. The overall attendance was a staggering 4,589…

read more >

International Connectivity and Cables Conference

Meet and network with leading telecom operators and OTTs including du, Etisalat, Omantel, Saudi Telecom Company, Yahoo, Angola Cables…

read more >