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Wavefield triples profit to “historic” high


Published Aug 19, 2008
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Wavefield Inseis AS

Norway-based survey outfit and potential merger candidate Wavefield-Inseis has posted a “historic” tripling of second-quarter net income of $21.1 million on revenues that also tripled to $93 million.

The company’s historically high order backlog of $304 million in geophysics work is a key stake in a new merger plan unveiled in an Oslo hotel on Tuesday. Company books now include one of the biggest ever “3D” surveys for BP off Libya.

Meanwhile, the board and the rest of management have agreed to a request by once-bitter merger partner TGS-Nopec to get Wavefield shareholders onboard a revised merger plan.

Wavefield’s asset base grew 350-percent in the quarter on newly built ships and survey data for sale. Company equity grew by $78 million

Tags: TGS-NOPEC Geophysical Company, Wavefield InSeis ASA




   

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