File image: Magseis Fairfield
Magseis Fairfield ASA, a Norwegian-based undersea node research firm, is in the process of arbitrating with Fairfield Industries Inc. for certain contractual claims between the parties, the arbitration will be canceled and the dispute will be resolved by arbitration. Said on Friday. ..
Magseis Farifrield was notified of mediation in January 2022. On October 30, 2018, Magseis ASA entered into a transaction agreement to purchase all shares of Fairfield Industries International Limited and all membership rights of Fairfield Seismic Technologies LLC from Fairfield Industries Inc. The transaction was closed on December 18, 2018.
According to Magseis Fairfield, the first notice of potential billing was sent by Magseis Fairfield to Fairfield Industries Inc. in March 2019. The mediation process associated with projects in the Middle East, which make up the majority of Fairfield Seismic Technologies’ project backlog, revealed the timing of the transaction without sharing the details of the dispute itself.
In a statement on Friday, Magsays Fairfield announced arbitration as the next step: Claims between the parties.
“The final mediation hearing scheduled for March 2022 has been cancelled and any dispute between the parties will be settled by arbitration in accordance with the parties’ contract. Magseis Fairfield will arbitrate, if relevant, including: Provides detailed information about the process. Magseis Fairfield’s claims relate to projects in the Middle East that make up the majority of Fairfield Seismic Technologies’ project backlog at the time of trading.
https://www.oedigital.com/news/494426-arbitration-to-resolve-magseis-fairfield-fairfield-industries-dispute Arbitration to resolve the Magseis Fairfield,