TGS UPDATE ON CLAIM FOR DAMAGES FILED WITH ARBITRATION

Asker, 22. September, 2008. In preparation for the upcoming arbitration hearings with Wavefield, TGS has elected to narrow its claim for damages from $460 - $830 million as previously presented to the arbitration court to $488 - $510 million. The claim is duly substantiated by detailed calculations presented to the Arbitration Panel. Consequently, TGS has lowered the upper limit for its claim to $550 million, down from the $700 million originally presented in the writ.

Arbitration hearings are scheduled to commence on November 3 to 13, 2008 and conclude by January 5 to 9, 2009.

TGS remains confident about the arbitration process and looks forward to concluding the matter.

For more information, contact:

Arne Helland
Chief Financial Officer
Tel: +47 66 76 99 31/+47 91 88 78 29
Email: arne.helland@tgsnopec.no

TGS UPDATE ON CLAIM FOR DAMAGES FILED WITH ARBITRATION PANEL

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