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Claim against Arrow Seismic from CGGVeritas ruled unfounded by the court


Published Apr 9, 2009
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Petroleum Geo-Services 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.

Tags: CGGVeritas, Petroleum Geo-Services



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