TGS to Appeal Tax Evasion Charges

Multi-client geoscience data provider TGS has been granted the appeal by the Borgarting Court of Appeal for the decision of the Oslo District Court issued in October 2018 in regard to the charges by Økokrim of aiding and abetting in tax fraud.

The charges stem from transactions between TGS and Skeie Energy (later known as E&P Holding AS) in 2009 and 2010 for the purchase of seismic licenses.

The court had sentenced TGS to pay a corporate fine of NOK 90 million (approximately USD 11 million).

TGS had previously disclosed the charges from Økokrim in an announcement in May 2014 and in subsequent financial statements.

The company said on Wednesday’s Oslo Exchange filing that it expects the appellate court hearing to occur in 2020.

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