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Wavefield posts Q4 earnings up, activity high

Tue Feb 12, 2008 2:37am EST

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OSLO, Feb 12 (Reuters) - Norwegian seismic group Wavefield Inseis ASA WAVE.OL reported on Tuesday a more than doubling of operating profits for the fourth quarter and said tender activity for surveys in 2008 remains very high.

Earnings before interest and tax (EBIT) rose to $23.6 million in October-December from $10.5 million in the same quarter a year earlier.

"The company's activity and market share continue to increase in all regions," Wavefield said, projecting that revenues would rise in 2008 to between $410 million and $430 million from $203 million in 2007 and margins would improve.

Wavefield is in arbitration to stop TGS-Nopec's (TGS.OL) takeover, claiming the company may have withheld information about a profit-warning last year that lowered the value of the all-shares deal to Wavefield shareholders.

Wavefield said it saw no reason to change its strategy.

(Reporting by Oslo newsroom)



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