April 8, 2009: Oslo, Norway, Petroleum Geo-Services ASA ('PGS' or the 'Company') on July 7th 2008 informed the market that CGG Veritas had initiated a law suit against PGS' subsidiary Arrow Seismic ASA ("Arrow").
CGG Veritas claimed USD 70 million in damages on basis of the assertion that Arrow had taken on contractual obligations to charter the vessel NB 534 to CGG Veritas. Arrow denied the existence of any such contractual commitment.
On 8 April 2009, Asker and Bærum Tingrett passed judgment in favor of Arrow. The court concludes that CGGV's claim for damages is unfounded. CGGV were ordered to compensate Arrow for its legal costs. The judgment may in principle be appealed to the Court of Appeal.
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Petroleum Geo-Services is a focused geophysical company providing a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. The company also possesses the world's most extensive multi-client data library. PGS operates on a worldwide basis with headquarters at Lysaker, Norway.
For more information on Petroleum Geo-Services visit www.pgs.com.
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The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2007. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements.
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