Middle East

Magseis Fairfield, Fairfield Industries in

January 11, 2022

File image: Magseis Fairfield

Magseis Fairfield ASA, a Norwegian undersea node research firm, announced on Tuesday with Magseis Fairfield ASA and Fairfield Industries Inc on certain contractual claims between the parties. Disclosure of the ongoing arbitration process between.

On October 30, 2018, Magseis ASA entered into a transaction agreement to purchase all shares of Fairfield Industries International Limited and all memberships of Fairfield Seismic Technologies LLC from Fairfield Industries Inc. The transaction was closed on December 18, 2018.

According to Magseis Fairfield, the first notice regarding potential billing was from Magseis Fairfield to Fairfield Industries Inc in March 2019. Was sent to.

The mediation process is related to projects in the Middle East that make up the majority of Fairfield Seismic Technologies’ project backlog at the time of the transaction, without sharing the details of the dispute itself, the company said.

“Since then, the process has been arbitrating, [March 2019]The outcome of the arbitration process and the timing of such outcomes are uncertain. “

Carel Hooijkaas, CEO of Magseis Fairfield, commented as part of the announcement, saying: , The possible consequences of the arbitration process are still uncertain. On the other hand, our main focus is on the continued operational and financial success of Magseis Fairfield in improving the market for OBN seismic services. “

Magseis Fairfield said it will provide detailed information on the arbitration process, if relevant, including significant developments in the arbitration process.

According to the company, the final mediation hearing scheduled for October 2021 has been repeatedly postponed due to a travel ban on covid-19 and is now scheduled for March 2022.

https://www.oedigital.com/news/493396-magseis-fairfield-fairfield-industries-in-mediation-over-middle-east-project Magseis Fairfield, Fairfield Industries in

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