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CGGVeritas final OK to offer $310M for Wavefield


Published Dec 5, 2008
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Wavefield delivers new high capacity 3D vessel

Norwegian competition bureau has given the greelight for Paris-based survey outfit CGGVeritas to buy up all the equity in Norway-based seismic outfit Wavefield Inseis in a $310 million share deal.

The deal values Wavefield at $310 million and would produce “earnings and cash flow” plus a strengthened technology company.

Wavefield recentl emerged from a settlement with TGS Nopec that incurred some losses. CGGVeritas was quick to put in an offer after Wavefield’s arbitration battles with TGS were over.

The France-based company’s voluntary offer for Wavefield is one CGG share per seven Wavefield shares, good for 31 percent better than the closing Wavefield share price on Nov. 7, 2008.

Tags: CGGVeritas, Wavefield InSeis ASA



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