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14.08.2007 – 08:05

Everest Capital Ltd.

Everest Opposes Terms of Wavefield
TGS Merger Proposal

Hamilton, Bermuda (ots/PRNewswire)

Everest Capital Ltd., in a letter to the Chairman of the Board of
the  Norwegian marine geophysical company, Wavefield Inseis ASA, has
urged the  firm to appoint advisors to assist in maximizing
shareholder value. In the  letter dated August 10, Everest suggested
it either put the company up for  sale or persuade TGS-NOPEC, with
whom there is an existing merger agreement,  to materially improve
the terms of its offer by increasing the exchange ratio  and add
additional cash payments to Wavefield Inseis shareholders to better
reflect the unique value of Wavefield Inseis and its assets.
Everest believes that under present terms, the offer significantly
undervalues Wavefield Inseis, and would vote against the proposed
combination. Rather than accepting those terms, Everest would prefer
for the company to stay independent and continue executing the
current business plan as a stand-alone company. As a result,
shareholders would be able to reap the full benefits and rewards of
the investments that have already been made.
About Everest Capital Ltd.
Everest Capital, a global multi-asset, multi-strategy manager, was
founded in 1990 and manages more than US$2.6 billion for
institutional clients such as pension funds, endowments, charitable
foundations and high-net-worth families through investments in hedge
funds and separate accounts. Its global investment focus is reflected
in the fact that more than half the firm's 50 professionals and
support staff come from outside the US and are fluent in languages
including Arabic, Cantonese, French, German, Hungarian, Japanese,
Malay, Mandarin, Portuguese, Serbo-Croat and Spanish.
The firm has its headquarters in Hamilton, Bermuda, and also has
offices in Miami, Geneva, Singapore and Shanghai.
Web site: http://www.everestcapital.com

Contact:

Malcolm Stott of Everest Capital Ltd., Hamilton, Bermuda,
+1-441-292-2200