March 18, 2014 / 6:15 PM / 3 years ago

Global Geophysical shares plunge after plans to restate results

(Reuters) - Shares of Global Geophysical Services Inc GGS.N fell as much as 59 percent to their life-low after the provider of seismic data to energy companies said it would restate results for the last five years due to accounting errors.

The company also said late on Monday that it was reviewing financial and strategic alternatives along with Evercore Group and Alvarez & Marsal North America.

Global Geophysical had consolidated long-term debt of $330.2 million as of September 30. The company's total available liquidity was at $16.8 million.

"We expect investors to pay more attention to the highlighted liquidity issues," analysts at Raymond James said.

Global Geophysical said the restatement for 2011 was expected to result in a decrease in revenue of $4.8 million. The company reported revenue of $385.4 million for the year.

The restatement is expected to increase revenue by $4.7 million in 2012, it said. The company had earlier reported revenue of $339.0 million.

Global Geophysical's shares touched a low of 48 cents on the New York Stock Exchange on Tuesday.

Reporting By Narottam Medhora in Bangalore; Editing by Maju Samuel

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