TGS board, management recommend termination of merger

The board of directors and the executive management of TGS-NOPEC Geophysical has recommended its shareholders terminate the merger process with Wavefield Inseis and seek compensation limited upwards to $700 million.

Offshore staff

ASKER, Norway -- The board of directors and the executive management of TGS-NOPEC Geophysical has recommended its shareholders terminate the merger process with Wavefield Inseis and seek compensation limited upwards to $700 million.

"In recent weeks we have made our best efforts to find an amicable solution that could lead to a successful merger," says Hank Hamilton, CEO of TGS.

"Despite the willingness from TGS to increase the exchange ratio and change both the constitution of the board and the management reporting structure, Wavefield management was unable to demonstrate to our satisfaction an enthusiastic commitment to a true integration of the two companies."

08/19/2008

More in Company News