Feuding Norwegian survey-outfit merger partners Wavefield and TGS-Nopec appear bent on killing their “approved” merger before it takes hold.

Wavefield shareholders voted to demand better merger terms and a better look at TGS-Nopec’s books, but the latter said no new terms would be forthcoming.

“The general meeting deems that the terms for completing the merger have not been fulfilled,” minutes from a Wavefield assembly of shareholders said before continuing in a statement: “The board of directors of Wavefield, after input and deliberation with large shareholders, is instructed to prevent the completion of the merger and seek a termination of the merger either through an amicable agreement or an arbitration process according to the merger plan.”

The two parties have continued to excell in the field and have struck up new, seismic-industry partnerships in lieu of cooperation with each other.

The conflict is understood to have erupted when a lower-than-expected TGS-Nopec earnings guidance in October 2007 caused a drop in the value of Wavefield shares just after a merger agreement was heralded by both parties.

ws@scandoil.com

Tags: TGS-NOPEC Geophysical Company, Wavefield InSeis ASA