INTERVIEW-Wavefield says no threat to TGS merger "for now"

By Wojciech Moskwa

OSLO, Nov 9 (Reuters) - The $1.2 billion merger between Norwegian seismic surveyors TGS-Nopec and Wavefield Inseis is not under threat "for now", even though a row over TGS's profit warning created some mistrust, Wavefield's chief executive said.

Some Wavefield Inseis WAVE.OL shareholders would like to derail the tie-up because TGS-Nopec (TGS.OL) issued a profit warning shortly after the merger was approved and claim that TGS may have hid information during negotiations.

TGS-Nopec denies any wrongdoing. But under pressure from Wavefield it asked consultants PricewaterhouseCoopers (PwC) to review its accounts on Friday.

Wavefield Chief Executive Atle Jacobsen told Reuters that his company would have preferred a joint review of TGS's accounts instead of a third party reviewer.

"For now it's not a threat to the merger, it is more agreeing on how to best conduct this review," he said on Friday.

"It's important that the review provides Wakefield's board with all the facts ... and a joint effort would have been a better approach and would have caused less speculation in the market."

Shares in both companies tumbled due to growing concern over the tie-up, with TGS-Nopec down 3.9 percent to 87 crowns and Wavefield off 3.5 percent to 46.80 crowns. Oslo's benchmark index .OSEBX closed 1.3 percent weaker on Friday.

"There is a bit of mistrust between the boards at the moment, which is not the way we like it to be," he said.