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CGG SA (GEPH.PA)

GEPH.PA on Paris Stock Exchange

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Latest Key Developments (Source: Significant Developments)

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

CGG wins renewal of dedicated center contract in Thailand
Tuesday, 20 Jun 2017 01:30am EDT 

June 20 (Reuters) - CGG :PRESS RELEASE REG-CGG: WINS RENEWAL OF DEDICATED CENTER CONTRACT FOR PTT EXPLORATION & PRODUCTION PUBLIC COMPANY LIMITED (PTTEP) IN THAILAND.‍NEW CONTRACT WILL RUN FOR A FURTHER THREE YEARS, FROM 1 MARCH 2017 TO 28 FEBRUARY 2020​.‍CGG WILL ALSO PROVIDE IN-HOUSE PROCESSING TRAINING, TECHNOLOGY UPDATES AND MENTORING SUPPORT​.  Full Article

CGG begins legal process to implement balance sheet restructuring and create sustainable capital structure
Wednesday, 14 Jun 2017 04:09pm EDT 

June 14 (Reuters) - CGG SA : :CGG: following agreement with key financial creditors, cgg begins legal process to implement balance sheet restructuring and create sustainable capital structure.CGG - commences sauvegarde proceeding for parent company in france and pre-arranged chapter 11 for certain material subsidiaries in U.S..CGG says under terms of proposed restructuring agreements, upon emergence, approximately $1.95 billion in debt will be eliminated from CGG'S balance sheet.CGG - CGG and certain of its financial creditors entered into a lock-up agreement on June 13, 2017.CGG says expects that normal day-to-day operations will continue during french sauvegarde and U.S. Chapter 11 and chapter 15 processes.CGG - under lock-up agreement, parties committed to support and to take all steps and actions necessary to implement and consummate restructuring plan.CGG says intends to make timely payment to vendors in normal course for all goods and services provided after June 14.CGG - lock-up agreement signed by ad hoc committee of secured lenders, holding collectively about 53.8pct of aggregate amount of group's secured debt.CGG - lock-up agreement signed by ad hoc committee of senior noteholders holding about 52.4pct of aggregate principal amount of co's senior notes.  Full Article

CGG announces agreement in principle on financial restructuring plan with its main creditors and DNCA
Friday, 2 Jun 2017 02:21am EDT 

June 2 (Reuters) - CGG ::REG-CGG: ANNOUNCES AN AGREEMENT IN PRINCIPLE ON FINANCIAL RESTRUCTURING PLAN WITH ITS MAIN CREDITORS AND DNCA.AGREEMENT IN PRINCIPLE IS BASED ON SAME OBJECTIVES AS PROPOSAL PUBLISHED ON MAY 12(TH), 2017.TREATMENT OF SENIOR NOTES: * FULL EQUITIZATION OF PRINCIPAL AMOUNT (PLUS ACCRUED AND UNPAID INTEREST NOT PAID IN KIND ON CLOSING) OF SENIOR NOTES AT $3.5 PER SHARE.$86 MILLION ACCRUED AND UNPAID INTEREST TO BE PAID ON CLOSING WITH NEW SECOND LIEN NOTES (VERSUS EQUITIZATION OF ACCRUED AND UNPAID INTEREST IN MAY 12(TH) PROPOSAL).FREE WARRANTS #1 ALLOCATED TO HISTORICAL SHAREHOLDERS WITH A $3.5 STRIKE PRICE, 4 YEARS DURATION AND A RATIO OF 4 WARRANTS FOR 3 EXISTING SHARES.FULL EQUITIZATION OF PRINCIPAL AMOUNT (PLUS ACCRUED AND UNPAID INTEREST NOT PAID IN CASH ON CLOSING) OF CONVERTIBLE BONDS AT $11.5 PER SHARE (VERSUS $15 IN THE MAY 12TH PROPOSAL).NEW MONEY THROUGH: * A RIGHTS ISSUE OF $125 MILLION WITH PREFERENTIAL SUBSCRIPTION RIGHTS FOR HISTORICAL SHAREHOLDERS BY ISSUANCE OF NEW SHARES WITH WARRANTS.TREATMENT OF CONVERTIBLE BONDS: $5 MILLION ACCRUED AND UNPAID INTEREST TO BE PAID ON CLOSING IN CASH (VERSUS EQUITIZATION OF ACCRUED AND UNPAID INTEREST IN MAY 12 PROPOSAL).AMEND AND EXTEND MATURITY OF SECURED DEBT UNTIL 2022 (SAME AS THE MAY 12TH PROPOSAL).ISSUANCE OF NEW SECOND LIEN SENIOR NOTES WITH PENNY WARRANTS FOR $375 MILLION RESERVED FOR ELIGIBLE SENIOR NOTES HOLDERS (INCLUDING A EURO-TRANCHE IN AN AMOUNT TO BE DETERMINED).  Full Article

CGG wins extension until 2021 for Oman Dedicated Center
Tuesday, 23 May 2017 01:30am EDT 

May 23 (Reuters) - CGG SA ::REG-CGG: WINS EXTENSION UNTIL 2021 FOR OMAN DEDICATED CENTER.EXTENSION OF ITS CONTRACT WITH PETROLEUM DEVELOPMENT OMAN (PDO) FOR PROVISION OF SUBSURFACE IMAGING TECHNOLOGY AND SERVICES AT ITS DEDICATED PROCESSING CENTER (DPC) IN MUSCAT.  Full Article

CGG Q1 group revenue down at 249 million dollars
Friday, 12 May 2017 01:35am EDT 

May 12 (Reuters) - CGG : :Q1 GROUP REVENUE $249 MILLION VERSUS $313 MILLION YEAR AGO.Q1 EBITDAS $28.7 MILLION VERSUS $27.1 MILLION YEAR AGO.Q1 NET LOSS $145 MILLION."WE CONFIRM FOR 2017 OUR VISION OF OPERATING RESULTS IN LINE WITH 2016 WITH DOWNWARD PRESSURE ON CASH FLOW GENERATION" - CEO.  Full Article

CGG entered into a financial restructuring process
Friday, 12 May 2017 01:31am EDT 

May 12 (Reuters) - CGG : :SAYS ON MARCH 3, 2017, ENTERED INTO A FINANCIAL RESTRUCTURING PROCESS WITH AIM OF SIGNIFICANTLY REDUCING DEBT LEVELS AND RELATED CASH INTEREST COSTS TO ALIGN THEM WITH ITS CASH FLOWS.  Full Article

French oil services firm CGG files for bankruptcy

PARIS, June 14 French oil services firm CGG said on Wednesday it had filed for bankruptcy in France and the United States as part of financial restructuring to reduce its debt burden.