Employees of embattled survey outfit Wavefiedl Inseis have asked the board not to accept a $310 million voluntary deal from Paris-based rival CGGVeritas for all the company’s shares.

CGGVeritas has had the Wavefield board’s support for a merger in the immediate wake of a legal battle with TGS Nopec that cost the Oslo-based company dear but stimulated employee pride. Those same employees now demand a say in the company’s future for all their enterprising, toil, stress and fear.

A joint statement from company staff said the board had not consulted the employees and therefore had not considered all the facts before making their decision to accept seven CCG shares per Wavefield share.

“As a stand-alone seismic company, (we the employees) feel that we offer much greater potential for higher return on the shareholders investment with our modern fleet and development of new technology” including the trademark Optowave 4C Ocean Bottom Cable for permanent reservoir monitoring. Workers said they were highly motivated and committed to being profitable.

The company offers long offset 2D, high-capacity 3D, 4D, multi-azimuth and wide-azimuth data acquired by a high-spec offshore fleet.

Wavefield recently emerged from a settlement with TGS Nopec that incurred some losses. CGGVeritas was quick to put in an offer as Wavefield’s arbitration battles with TGS came to an end.

The France-based CGG’s offer was good for 31 percent better than the closing Wavefield share price on Nov. 7, 2008.

Tags: CGGVeritas, TGS-NOPEC Geophysical Company, Wavefield InSeis ASA