COURT DECISION REGARDING DISPUTE WITH THE PETROMENA ASA BANKRUPTCY ESTATE
Oil Tools Supplier AS (formerly Petrolia Services AS), a subsidiary of Petrolia SE, has received the decision from Oslo District Court regarding the claim from the PetroMENA ASA bankruptcy estate.
As informed in the fourth quarter report 2012, the Estate of PetroMENA ASA, 51 % owned by Petrolia SE, is seeking to invalidate an equipment purchase of 13 November 2008 whereby Oil Tools Supplier AS purchased drilling equipment for USD 34.7 million from PetroMENA ASA.
Oslo District Court has ruled in favor of the PetroMENA ASA estate for USD 14 million.
Oil Tools Supplier AS finds it highly unreasonable to pay for the same equipment twice and is of the opinion that the ruling is based on incorrect factual and legal basis.
Oil Tools Supplier AS will, with its legal advisors, go thoroughly through the decision to evaluate if there are grounds for an appeal.
After initial evaluation of the ruling, no further provisions are expected to be added in the consolidated accounts for 2012.
Limassol/Bergen, 19 March 2013
For further information, please contact:
Managing Director, Norwegian branch
Phone: +47 93 24 00 27
This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act.
About Petrolia SE
Petrolia SE has three business segments: E&P, Drilling & Well Technology and OilService and is listed on Oslo Stock Exchange under the ticker code PDR. The core activity includes Petrolia Norway AS, an independent oil & gas company approved as a licensee on the Norwegian Continental Shelf. In addition, Petrolia SE owns Independent Oil Tools Group, a leading rental equipment company for the global oil industry. The company employs a staff of around 250 highly competent employees worldwide.