(Oslo, 11 January 2022) Magseis Fairfield ASA today discloses an ongoing mediation process between Magseis Fairfield ASA and Fairfield Industries Inc. regarding certain contractual claims between the parties. The first notification regarding a potential claim was sent by Magseis Fairfield to Fairfield Industries Inc. in March 2019. While the process has progressed to mediation since then, no certainty can be given to the outcome of the mediation process nor the timing of any such outcome.
On 30 October 2018 Magseis ASA entered into a transaction agreement for the purchase of all the shares in Fairfield Industries International Limited and all membership interests in Fairfield Seismic Technologies LLC from Fairfield Industries Inc. The transaction was completed on 18 December 2018.
The mediation process relates to a project in the Middle East that represented a major part of Fairfield Seismic Technologies’ project backlog at the time of the transaction.
Magseis Fairfield will provide further information about the mediation process when relevant, including with respect to any material developments in such process. The last mediation hearing that was scheduled for October 2021 has repeatedly been postponed due to covid-19 travel restrictions and is now scheduled for March 2022.
“This announcement is a response to questions received by Magseis Fairfield ASA and an attempt to avoid unnecessary speculations. The company's management and board are pursuing the company’s interests in this case, although the possible outcome of the mediation process remains uncertain. Meanwhile, our main focus remains on the continuing operational and financial success of Magseis Fairfield in an improving market for OBN seismic services.”, says Carel Hooijkaas, CEO of Magseis Fairfield.
For further information, please contact:
André Bjørvik, SVP Corporate Communication
Tel: +47 907 42 746
Carel Hooijkaas, CEO
Tel: +47 480 49 277
Magseis Fairfield is the global leading provider of ocean bottom seismic (OBS) technology and data acquisition projects. The company has a flexible business model with full scale node operations, as well as lease and sale models. The Marine Autonomous Seismic System "MASS" nodes and the range of Z-nodes combined with handling systems and source technology enables market leading deployment speed and highly cost-efficient acquisition of data with exceptional quality.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.