TGS-NOPEC Geophysical has buried the hatchet with Wavefield Inseis over their planned merger and, as a result, CGGVeritas has stepped in and made a paper offer worth $310million for the latter.
TGS said that, under terms of the settlement, Wavefield will hand over $12.5million; also, TGS will charter a 2D vessel from Wavefield at favourable rates for an 18-month period beginning in April, 2009.
Further, TGS will have the option to hire up to 24 months of un-contracted 3D vessel capacity from Wavefield over the next four years at favourable rates, so securing Wavefield engagement for vessel capacity.
The arbitration process already in progress will be stopped, and all claims either party has against the other, its shareholders, board members, employees or advisers are waived.