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CGG SA (GEPH.PA)

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Latest Key Developments (Source: Significant Developments)

CGG completes survey for Pemex in deepwater Perdido area ahead of schedule
Tuesday, 26 Sep 2017 01:30am EDT 

Sept 26 (Reuters) - CGG : :* CGG said it had completed ahead of schedule an 11,500 sq km wide-azimuth (WAZ) survey on behalf of Pemex in the deepwater Perdido area.* CGG filed for bankruptcy in June nL8N1JB6H8.  Full Article

CGG starts new CWAz survey in Gulf of Mexico
Monday, 25 Sep 2017 01:30am EDT 

Sept 25 (Reuters) - CGG SA ::REG-CGG: STARTS NEW CWAZ SURVEY IN GULF OF MEXICO.START OF ACQUISITION OF ITS 1ST COMPLEMENTARY WIDE-AZIMUTH (CWAZ) SURVEY (AC CWAZ), BROADSEIS 3D MULTI-CLIENT PROGRAM IN GULF OF MEXICO‍​.FAST-TRAX PSDM PRODUCTS WILL BE AVAILABLE SHORTLY AFTER THE COMPLETION OF ACQUISITION‍​.  Full Article

RegroupementPPlocal opposes terms of CGG financial restructuring plan‍​
Friday, 22 Sep 2017 06:24am EDT 

Sept 22 (Reuters) - REGROUPEMENTPPLOCAL::REGROUPEMENTPPLOCAL - IS OPPOSED TO THE TERMS OF THE CGG <<>> FINANCIAL RESTRUCTURING PLAN.  Full Article

CGG signs agreement with Mozambique Ministry for vast offshore multi-client program
Thursday, 31 Aug 2017 03:32am EDT 

Aug 31 (Reuters) - CGG SA ::REG-CGG: SIGNS AGREEMENT WITH MOZAMBIQUE MINISTRY FOR VAST OFFSHORE MULTI-CLIENT PROGRAM.  Full Article

CGG Q2 net loss widens to $169.7 mln
Friday, 28 Jul 2017 01:54am EDT 

July 28 (Reuters) - CGG :Q2 GROUP REVENUE $349.8 ‍​MILLION VERSUS $290.2 MILLION YEAR AGO.Q2 GROUP EBITDAS $120.0‍​ MILLION VERSUS $ 103.8 MILLION YEAR AGO.Q2 NET LOSS $169.7 ‍​MILLION VERSUS LOSS OF $79.2 MILLION YEAR AGO.Q2 CAPEX AT $78MLN AND FREE CASH FLOW AT NEGATIVE $24 MILLION.2017 OPERATING RESULTS STILL EXPECTED IN LINE WITH 2016.ON 2017 DATA ACQUISITION: STILL HAMPERED BY LOW EXPLORATION SPENDING WITH THE USUAL UNFAVORABLE SEASONALITY IN H2.ON 2017 MULTI-CLIENT: SALES SUPPORTED BY GOOD POSITIONING IN KEY BASINS.ON 2017 EQUIPMENT: LOW VOLUMES IN A CONTEXT OF UNCERTAIN RECOVERY HORIZON.SEES SETTLEMENT OF ALL RESTRUCTURING OPERATIONS EARLY 2018.AS OF JULY 27, 2017, GROUP FACES MATERIAL UNCERTAINTIES THAT MAY CAST SUBSTANTIAL DOUBT UPON ITS ABILITY TO CONTINUE AS A GOING CONCERN.THE $315 MILLION OF GROUP LIQUIDITY AS OF JUNE 30, 2017 DOES NOT ALLOW TO FULLY FUND CURRENT OPERATIONS UNTIL AT LEAST JUNE 30, 2018.IF $500 MILLION NEW MONEY IS RAISED IN Q1 2018 IN ACCORDANCE WITH RESTRUCTURING PLAN, GROUP LIQUIDITY EXPECTED TO BE SUFFICIENT TO FUND CURRENT OPERATIONS UNTIL JUNE 30, 2018 AT LEAST.BELIEVES THAT THE IMPLEMENTATION OF THE RESTRUCTURING PLAN IN THE FIRST QUARTER OF 2018 IS A REASONABLE ASSUMPTION."PROPOSED PLAN WOULD RESULT IN A $2 BILLION NET DEBT REDUCTION" - CEO.ABILITY OF GROUP TO CONTINUE AS GOING CONCERN DEPENDS ESSENTIALLY ON EFFECTIVE AND TIMELY IMPLEMENTATION OF PROPOSED RESTRUCTURING PLAN.  Full Article

CGG extends Santos VII multi-client survey
Wednesday, 26 Jul 2017 01:30am EDT 

July 26 (Reuters) - CGG SA :REG-CGG: EXTENDS SANTOS VII MULTI-CLIENT SURVEY TO OPTIMIZE SATURNO FIELD IMAGING.  Full Article

CGG wins Brazil data processing contract for world's largest seabed seismic survey
Wednesday, 19 Jul 2017 01:30am EDT 

July 19 (Reuters) - CGG : :PRESS RELEASE REG-CGG: WINS BRAZIL DATA PROCESSING CONTRACT FOR WORLD'S LARGEST SEABED SEISMIC SURVEY.‍SURVEY WILL BE ACQUIRED BY SEABED GEOSOLUTIONS, CGG'S JOINT VENTURE WITH FUGRO​.  Full Article

CGG calls creditor comittee vote for July 28
Thursday, 13 Jul 2017 02:30am EDT 

July 13 (Reuters) - CGG SA ::REG-CGG : CGG CALLS CREDITOR COMITTEE VOTE FOR JULY 28 FOLLOWING THE SUCCESS OF ITS PRIVATE PLACEMENT.  Full Article

CGG announces opening of placement period for subscription commitments
Tuesday, 27 Jun 2017 01:30am EDT 

June 27 (Reuters) - CGG SA ::CGG: OPENING OF PLACEMENT PERIOD FOR SUBSCRIPTION COMMITMENTS IN RESPECT OF PROPOSED ISSUANCE OF $375M OF NEW 6-YEAR FLOATING RATE/ 8.5% PIK SECOND LIEN SENIOR NOTES WITH WARRANTS TO ELIGIBLE HOLDERS.  Full Article

Fugro announces Seabed Geosolutions secures new contract in Brazil
Monday, 26 Jun 2017 04:20am EDT 

June 26 (Reuters) - FUGRO NV ::SEABED GEOSOLUTIONS SECURES NEW OCEAN BOTTOM NODE CONTRACT IN BRAZIL.THE SEVEN MONTH CONTRACT IS VALUED AT AROUND 90 MILLION USD AND IS SCHEDULED TO COMMENCE AT THE END OF THE FOURTH QUARTER OF 2017 OR EARLY 2018..SEABED GEOSOLUTIONS IS A JOINT VENTURE BETWEEN FUGRO AND CGG <<>>.  Full Article

Creditors accept restructuring plan for oil services group CGG

PARIS, Oct 2 The creditors of debt-ridden oil services group CGG have accepted CGG's chapter 11 bankruptcy plan, CGG said on Monday, in what could form one of the biggest restructurings that France has seen in recent years.