1 your mesh is very messy, i think you should try to keep your modeling a bit cleaner maybe..
2 why the hell you model in mm with a precision of 0,0mm and then put 0.005 in the repeat of your displacement map??? and why model a 20x25cm sea wawe? try to use more realistic and consistent units, so your displace will behave in a more predictable way..
3 next time try to attach the packed vismat, or at least the diffuse/displace/bump/whatever maps
4 when you displace, i would suggest to force your default group material to be the same as the displaced material, this will prevent the grey patches (or whatever your "global" default material is) when the mesh is not 100% continuously mapped
5 i did't changed the subdivision, but i think this is waaaaay overmodeled.. why do you need ALL that subdivisions in the mesh?
anyway i fixed it in some way.. just copied your curves, welded them, scaled them 4x, skinned them with curviloft, checked "make quads", added your original subdvisions to the mesh using quadfacetools-> connect edges, played a bit with trupaint and a decent vismat sea i made wich is attached too..
all simple and clean.. also i uncheked "view dependent" cause i like the displacement to be the same at any viewing distance..
oh and in addition, tried to render your model adding a simple random displacement map and it took forever to render in the ugly dicontinuous way, using merely 60% of CPU on i7, now it renders fast as the hell..
hope it will help
samplewawe fixed.rar