TGS-Nopec Jumps After Settling Dispute With Wavefield
TGS-Nopec Geophysical Co. (TGS), which uses sound waves to map potential oil and gas fields, rose the most in almost a week in Oslo trading after settling a dispute with competitor Wavefield Inseis AS.
TGS climbed 4.2 kroner, or 11 percent, to close at 42.45 kroner, the steepest one-day advance since Nov. 4, valuing the Asker, Norway-based company at 4.41 billion kroner ($650 million).
Wavefield will pay TGS $12.5 million, while TGS will charter a vessel at ``favorable rates'' for 18 months from the Norwegian surveyor, according to a statement distributed today by Hugin.
TGS had sought as much as $550 million in compensation for its failed 5 billion-kroner takeover of Wavefield. Arbitration will be stopped and all claims waived, the companies said today.
To contact the editor responsible for this story: Daniel Hauck at firstname.lastname@example.org.