TGS says that the arbitration hearing was originally scheduled to start 9 September 2008. By joint agreement between both parties a postponement of the start of the hearing was set to 16 September 2008 due to negotiations between the parties for an amicable completion of the merger. TGS remains prepared to start the hearing by 16 September as agreed.

However, in a meeting with the Arbitration Panel yesterday, Wavefield requested a further postponement of the start of the hearing until 3 November 2008 in order to have more time to further prepare their case, including the presentation of a counterclaim for compensation of Wavefield losses. Such claim was already announced in connection with their annual general meeting on 18 June 2008. In respect of the Arbitration Panel's accommodation of this request from Wavefield, TGS now feels obliged to accept the request for postponement.

Wavefield's release yesterday incorrectly stated that the revised arbitration plan had been approved by TGS management. In fact TGS management was not a party to the discussions yesterday between the lawyers and the Arbitration Panel.

Tags: TGS-NOPEC Geophysical Company, Wavefield InSeis ASA