courtesy Wavefield-Inseis

Long-duelling, Norway-based survey-business rivals Wavefield-Inseis and TGS Nopec have at last settled out of court and agreed to call off hundred-million-dollar claims filed against each other.

The two companies announced Monday that arbitration proceedings had ended under a deal that will see pay TGS $12.5 million and agree to charter a survey “2D” survey vessel “at favourable rates for 18 months, starting next spring.

“TGS will also have the option to hire up to 24 months of un-contracted 3D vessel capacity from Wavefield over the next four years at favorable rates,” a statement said.

The two companies had launched media broadsides over repercussions resulting from a botched merger process. Both sides claimed “damages” when a planned marriage went sour, leaving shareholders and oil company clients to ponder what arbitration might bring.

Tags: TGS-NOPEC Geophysical Company, Wavefield InSeis ASA