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CGG SA (CGG.N)

CGG.N on New York Stock Exchange

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28 Apr 2017
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Latest Key Developments (Source: Significant Developments)

CGG wins multi-year integrated geoscience Study by Kuwait Gulf Oil Company
Thursday, 30 Mar 2017 01:31am EDT 

CGG SA :Wins a multi-year integrated geoscience study by Kuwait Gulf Oil Company (KGOC) to identify resource growth potential in the onshore Partitioned Zone (PZ).  Full Article

Charter rate reduction of CGG's operated fleet: Agreement in principle with Eidesvik and Nordic lenders to set up new maritime scheme
Friday, 24 Mar 2017 01:30pm EDT 

CGG SA : Charter rate reduction of cgg's operated fleet: agreement in principle with eidesvik and the nordic lenders to set up a new maritime scheme . New set-up is based on creation of a new company that will possess five vessels currently owned by CGG and cold-stacked as well as two vessels co-owned by CGG and Eidesvik . New company, to be jointly owned by CGG and Eidesvik in equal parts . New company will also hold all outstanding debt related to those vessels and should be operational at beginning of Q2 of 2017 .Implementation of this new maritime set-up will also result in a reduction of CGG gross debt amount by $182.5 millions corresponding to principal amount of Nordic loan at April 1, 2017.  Full Article

CGG announces reduction of oceanic champion vessel charter cash costs and related issuance of 12.1 million dollars of senior notes
Tuesday, 14 Mar 2017 02:42am EDT 

CGG SA : Announces reduction of oceanic champion vessel charter cash costs .On March 13 issued 12.1 million dollars in aggregate principal amount of its 6.50 pct senior notes due 2021 to relevant charter counterparty.  Full Article

Euronext announces quarterly revision of French indices
Thursday, 9 Mar 2017 02:05pm EST 

Euronext NV : Announces quarterly review of the CAC family indices . Atos SE to be included in the CAC 40 index <.FCHI> . Klepierre SA to be removed from the CAC 40 index . Klepierre to be included in the CAC Next 20 index <.CN20> . Atos to be removed from the CAC Next 20 index . Soitec SA and Tarkett SA to be included in the CAC Mid 60 index <.CACMD> . CGG SA to be removed from the CAC Mid 60 index . Soitec and Tarkett to be included in the SBF 120 index <.SBF120> . CGG to be removed from the SBF 120 index . CGG, Dalet SA , Dom Security SA , Geci International SA and Netgem SA to be included in the CAC small index <.CACS> . Soitec, Tarkett, Recylex SA and Spir Communication SA to be removed from the CAC small index . Dalet, Dom Security, Geci International and Netgem to be included in the CAC Mid & Small index <.CMSN> . Recylex and Spir Communication to be removed from the CAC Mid & Small index . Dalet, Dom Security, Geci International and Netgem to be included in the CAC All-Tradable index <.CACT> . Recylex and Spir Communication to be removed from the CAC All-Tradable index <.CACT> .Changes will be effective as of March 20, 2017.  Full Article

CGG undertaking its restructuring, appointment of mandataire ad hoc
Friday, 3 Mar 2017 01:30am EST 

CGG : Q4 group revenue $328.3 ‍​million versus $589.0 million year ago . Q4 net loss $279.8 million versus loss of $256.4 million year ago . Q4 group EBITDA $99.8 ‍​million versus $281.6 million year ago . Net debt at $2,312 million at end of Q4, in line with guidance . Recovery pushed back in longer and more difficult market conditions; 2017 operating results expected to be in line with 2016 . 2017 multi-client cash capex expected to be at $250-300 million, with cash prefunding rate above 70 pct and industrial capex at $75-100 million . Cash generation in 2017 expected to be hampered by the lack of a positive change in working capital versus 2016 . Proposed financial restructuring to lead to significantly reduced debt level and cash interest burden based on conversion of unsecured debt into equity and extension of secured debt maturities . c. 5,800 employees as of end-2016 versus. c. 11,000 as of end-2013 . Nomination of mandataire ad hoc, on Feb. 27, 2017, to better organize and facilitate discussions with and between all stakeholders .Expects downward pressure on cash flow generation in 2017 compared to 2016.  Full Article

CGG wins 6 yr dedicated center contract for Brunei shell petroleum
Tuesday, 21 Feb 2017 01:30am EST 

CGG SA : Wins multi-year dedicated center contract for Brunei shell petroleum .Contract will run for a period of six years, from Jan 1, 2017 to Dec 31, 2022.  Full Article

CGG receives requisite majority consent from debt holders
Monday, 20 Feb 2017 01:30am EST 

CGG SA :Announces receipt of requisite majority consent from holders of its term loan B, 2020 notes, 2021 notes and 2022 notes and extension of consent solicitation in respect of its 2017 notes.  Full Article

CGG Q3 group revenue falls to $264.0 million
Tuesday, 8 Nov 2016 01:58am EST 

CGG : Q3 group revenue $264.0 million versus $469.8 million year ago . Q3 operating loss before non-recurring charges $38.9 million versus profit of $4.3 million year ago . Q3 net loss $87.9 million versus loss of $1.07 billion year ago . Sees fleet coverage: 95 pct in Q4 2016, including 40 pct dedicated to multi-client, and 80 pct in Q1 2017, including c.30 pct dedicated to multi-client . Says full-year multi-client sales highly dependent on Q4 after-sales, while FY cash prefunding rate now expected to be above 80 pct (versus 70 pct target) . Year-End net debt target confirmed below $2.4 billion . "Latest discussions suggest that our 2017 market should remain very similar to 2016" - CEO ."We will take steps to evaluate our short- and long-term alternatives to address our capital structure constraints" - CEO.  Full Article

CGG awarded multi-client projects offshore Mozambique
Thursday, 13 Oct 2016 01:35am EDT 

CGG SA : Awarded multi-client projects offshore Mozambique .The program includes a 2D survey of over 6,550 km in the offshore Rovuma basin, including blocks r5-a, r5-b and r5-c, and a large 3D survey over the Beira high in the Zambezi delta.  Full Article

Fugro Seabed Geosolutions, in cooperation with CGG, secured continuity in the Middle East
Thursday, 6 Oct 2016 01:12am EDT 

Fugro NV : Seabed Geosolutions, in cooperation with CGG, secured a new extension to its ongoing shallow water operations in the U.A.E. . Variation order from Abu Dhabi National Oil Company (ADNOC) covers Phase-II of Ghasha Field project. . This new survey is due to start in Otober and is expected to take approximately 9 months. It has a value of around USD 60 million. .Seabed Geosolutions is a joint venture between Fugro and CGG..  Full Article

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* Soitec SA and Tarkett SA to be included in the CAC Mid 60 index