Shareholders of Norway-based survey outfit Wavefield Inseis have been called to another extraordinary assembly to discuss a contentious merger with rival outfit TGS-Nopec Geophysical.

The merger partners’ have been in a row over a profit-warning issued by TGS that caused Wavefield shares to tumble in the days after the merger was approved. A merger plan signed by both Wavefield and TGS calls for disagreements to go to arbitration, as looks set to happen after a January 5 deadline.

“TGS is committed to honour and fulfil the merger plan previously adopted by more than 97% of the shareholders of both companies,” a statement said, adding that Wavefield had a last chance to “show how a negotiated agreement can be reached”.

At point, Wavefield was understood to have called off vessels bound for a joint Gulf of Mexico survey with TGS, compelling the latter into a cost- and profit-sharing alliance with Schlumberger’s WesternGeco.

The merger partners are together worth some NOK12 million ($2.2 billion) in the market, and both have launched fleet expansion drives in-line with the entire seismic survey industry.

ws@scandoil.com

Tags: TGS-NOPEC Geophysical Company, Wavefield InSeis ASA