Norwegian seismic data firm TGS has been cleared of charges for tax fraud laid by the country's prosecutors in relation to the company's seismic data deal in 2009.
Back in October 2018, Oslo district court ruled TGS was guilty for aiding and abetting violations of the Tax Assessment Act, in relation to a contract for the sale of seismic data and services in 2009 by TGS to Skeie Energy AS (later known as E&P Holding AS).
It was alleged that TGS aided and assisted Skeie Energy in obtaining undue tax advantages, which TGS denied, and said it had received no tax benefits from the sale of the seismic data.
The court in October 2018 sentenced TGS to pay a corporate fine of NOK 90 million, and TGS then appealed.
In a statement on Friday, TGS said that in a unanimous decision by Borgarting Appeal Court issued Friday, TGS "was acquitted of Økokrim's charge for alleged contribution to violations of the Norwegian tax law by Skeie Energy AS in connection with tax refunds received by Skeie for purchases of seismic data from TGS in 2009."
"The Appeal Court decision follows TGS' appeal of the Oslo City Court's split decision of 5 October 2018 in which TGS was found guilty according to the Økokrim charge and sentenced to a fine of NOK 90 million (approximately USD 8.6 million).
"TGS has previously disclosed the charges from Økokrim in an announcement on 6 May 2014 and in subsequent financial statements. TGS is satisfied with the decision, which is in line with the view the Company has argued since the case materialized in 2014."