Court rules in favour of SCAN Geophysical in ongoing dispute
Company News - March 25, 2009
SCAN Geophysical has secured a court ruling in its favour in a longstanding legal dispute with ZAO Large.
Said SCAN: "Since 2005 SCAN has claimed property rights to certain seismic equipment on board ZAO Large’s seismic vessel, whereby the vessel was arrested by SCAN in Singapore in 2005 and in Sri Lanka in 2006. This arrest was subsequently lifted against a bank guarantee of US$2.25 million in favour of SCAN."
ZAO Large later filed a claim of up to US$2.7 million against SCAN in the Oslo Tingrett (court) alleging wrongful arrest in Singapore and Sri Lanka.
Now, however, the Oslo Tingrett has ruled in SCAN’s favour, including a ruling that ZAO Large should meet SCAN’s legal costs. The ruling is subject to an appeal period of thirty days.
SCAN said it will continue its legal action against ZAO Large in Sri Lanka.
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