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CGG S.A. ANNOUNCES EXECUTION OF SUPPLEMENTAL INDENTURES IN RESPECT OF ITS 2020 NOTES, 2021 NOTES AND 2022 NOTES TO ALLOW FOR APPOINTMENT OF A MANDATAIRE AD HOC AND SATISFACTION AND DISCHARGE OF INDENTURE IN RESPECT OF ITS 2017 NOTES On February 6, 2017, CGG S.A. ("CGG") announced a consent solicitation in respect of its Senior Notes (the "Notes Solicitation"). The purpose of the Notes Solicitation was to permit CGG to amend the indentures in respect of the Senior Notes to provide CGG the option to request the appointment of a 'mandataire ad hoc' (a French facilitator for creditor negotiations) without such action constituting an Event of Default under the indentures. The proposed indenture amendments also provided for certain information undertakings by CGG. As disclosed on February 20, 2017, CGG (i) successfully completed the consent solicitation in respect of its 2020 Notes, 2021 Notes and 2022 Notes by receiving consent from the requisite majority of the holders of such notes and (ii) extended the consent solicitation in respect of its 2017 Notes (the "2017 Notes Solicitation Extension"). CGG today announces that the Effective Time, as defined in the Consent Solicitation Statement dated February 3, 2017 (the "Consent Solicitation Statement"), occurred on February 22, 2017, as the supplemental indentures in respect of the 2020 Notes, the 2021 Notes and the 2022 Notes giving effect to the amendments proposed in the Consent Solicitation Statement were executed by the parties thereto and became effective in accordance with their terms. CGG also announces that the 2017 Notes Solicitation Extension has expired without receipt of the requisite majority of holders of such notes. CGG intends to discharge and satisfy the indenture in respect of the 2017 Notes in accordance with its terms (through the payment of the aggregate outstanding principal ($8,319,000) and interest on the 2017 Notes to the indenture trustee in trust for the bondholders) no later than Friday, February 24, 2017. CGG further intends to request the appointment of a mandataire ad hoc as soon as practicable thereafter. "Senior Notes" means CGG's 7.750% Senior Notes due 2017 (CUSIP: 204386AK2 / ISIN: US204386AK24) (the "2017 Notes"), 6.500% Senior Notes due 2021 (CUSIP: 204384AB7 / ISIN: US204384AB76; CUSIP: F1704UAD6 / ISIN: USF1704UAD66) (the "2021 Notes"), 5.875% Senior Notes due 2020 (Reg. S ISIN: XS1061175607 / Reg. S Common Code: 106117560; Rule 144A ISIN: XS1061175862 / Rule 144A Common Code: 106117586) (the " 2020 Notes")  and 6.875% Senior Notes due 2022 (Reg. S CUSIP: F1704UAC8 / Reg. S ISIN: USF1704UAC83; Registered CUSIP: 12531TAB5 / Registered ISIN: US12531TAB52)(the "2022 Notes"). CGG (www.cgg.com) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary businesses of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation. CGG employs around 6,000 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers. CGG is listed on the Euronext Paris SA (ISIN: 0013181864) and the New York Stock Exchange (in the form of American Depositary Shares. NYSE: CGG).


News Article | March 3, 2017
Site: globenewswire.com

PARIS, France - March 3rd 2017 - CGG (ISIN: FR0013181864 - NYSE: CGG), world leader in Geoscience, announced today its 2016 fourth quarter and full-year unaudited results. Commenting on these results, Jean-Georges Malcor, CGG CEO, said: "Our 2016 results reflect a particularly challenging market environment. In this context, we have fully delivered on our Transformation Plan, which we funded through the February 2016 rights issue. We have significantly reduced our cost base and headcount while preserving our commercial positioning and operational excellence. Through strict cash management, the Group's net debt came in at $2.312bn, in line with our objective. In light of our Q4 results and given the challenging market conditions which persist, we expect 2017 operating results to be in line with 2016; however we expect downward pressure on cash flow generation in 2017 compared to 2016. In this environment and given delays in market recovery, we do not expect our performance to generate sufficient cash flow to service our current level of debt over the years to come. With the approval of the Board of Directors, CGG is therefore entering into a financial restructuring process with the aim of significantly reducing debt levels and related cash interest costs to align them with our cash-flows. The proposed debt reduction would involve the conversion of unsecured debt into equity and the extension of the secured debt maturities. For that purpose, a mandataire ad hoc (a French facilitator for creditor negotiations) has been appointed by the President of the Commercial Court of Paris (Tribunal de Commerce de Paris) on 27 February 2017 to help the Group conduct further discussions in a manner intended to respect the best interests of all the Group's stakeholders. In parallel with the financial restructuring process, the Group and all its employees remain fully focused on delivering innovative geoscience solutions to meet our clients' needs." Following this operation, the amount of unsecured debt (Senior Notes and Convertibles) reached $1.884bn. At the present date of March 3rd, 2017, when the Group's 2016 consolidated financial statements are made available, in light of the Group's cash flow projections based on the current operations and in the absence of any acceleration of the Group's financial debt reimbursement, CGG has enough cash liquidity to fund its operations until at least December 31, 2017 provided that specific actions, which are subject to negotiation with other parties, be successfully implemented.    The Group is, however, facing material uncertainties that may cast significant doubt upon its ability to continue as a going concern, including likely breaches of certain maintenance covenants, and other limitations contained in the outstanding (drawn) Revolving Credit Facilities, in the Term Loan B and in the Nordic Facility. If such breaches were to occur and not be timely remediated, it would trigger, also through the cross-default clauses of the Senior Notes indentures, the immediate acceleration of repayment of substantially all of CGG's senior debt. CGG would not then have sufficient cash liquidity to fulfill these reimbursement obligations, nor - in the current economic environment and given its financial situation - be in a position to raise the required additional refinancing. In the recent past, CGG requested several waivers from its RCF, Term Loan B and Nordic lenders, particularly related to the disapplication of maintenance covenants as of 2016 December-end and to the ability to appoint a 'mandataire ad hoc' (a French facilitator for creditor negotiations), and obtained the corresponding consents. Looking forward, in the context of the discussions with the lenders about the financial restructuring necessary to allow the Group to face its capital structure constraints, the Management intends particularly to obtain the appropriate standstill agreement or covenants' relief to prevent any future events of default on the Group's credit agreements. If such discussions are unsuccessful, and to avoid the risk of any liquidity shortfall or an accelerated reimbursement of the Group's financial debt, the Company will consider all available legal options to protect the Group's operations while negotiating the terms of its financial restructuring. Fourth Quarter 2016 Financial Results by Operating Segment and before non-recurring charges GGR Total Revenue was $230 million, down 40% year-on-year and up 19% sequentially. GGR Operating Income was $26 million, an 11.3% margin. The multi-client depreciation rate totaled 86%, leading to a library Net Book Value of $848 million at the end of December, split between 90% offshore and 10% onshore. The contribution from Investments in Equity was $(2) million. GGR Capital Employed was stable at $2.3 billion at the end of December 2016. Equipment Total Revenue was $84 million, down 18% year-on-year and up 57% sequentially. External sales were $48 million, down 49% year-on-year and up 42% sequentially. Land and marine equipment sales were still impacted by low demand in a very weak market. Marine equipment sales represented 56% of total sales, compared to 52% in the third quarter of 2016, driven by the remaining part of new high-tech Sentinel MS (multi-sensor) streamer sections order for CGG Marine, which also contributed to higher internal sales at $36 million. Equipment Operating Income was $(3) million, a margin of (3.5)%, up 71% sequentially due to slightly higher volumes and as a result of the further reduction in the activity's breakeven point, after the full implementation of our Transformation Plan. Equipment Capital Employed was $0.6 billion at the end of December 2016. Contractual Data Acquisition Total Revenue was $52 million, down 55% year-on-year and up 35% sequentially with lower fleet allocation to Multi-Client and continued weak land activity. We decided to keep the Multi-Physics Business Line within the Group, as the final terms of the discussion did not adequately reflect the value and prospects of this activity. Contractual Data Acquisition Operating Income was $(51) million, due to increased fleet allocation to Contractual Data Acquisition in a still very competitive Marine market and limited Land activity. The contribution from Investments in Equity was $(9) million and can be mainly explained by the negative contribution from the Seabed Geosolutions JV. Contractual Data Acquisition Capital Employed was $0.4 billion at the end of December 2016. The Non-Operated Resources Segment comprises, in terms of EBITDAs and Operating Income, the costs relating to non-operated resources (mainly Marine assets). The capital employed for this segment includes non-operated Marine assets and provisions relating to the Group Transformation Plan. Non-Operated Resources Operating Income was $(18) million. The amortization of excess streamers and lay-up costs has a negative impact on the contribution of this segment. Non-Operated Resources Capital Employed was stable at $0.2 billion at the end of December 2016, the book value of non-operated assets being partly balanced out by provisions relating to our Transformation Plan. Group Total Revenue was $328 million, down 44% year-on-year and up 24% sequentially. The respective contributions from the Group's businesses were 70% from GGR, 15% from Equipment and 15% from Contractual Data Acquisition. Group EBITDAs was $100 million, a 30.4% margin, and $57 million after $43 million of Non-Recurring Charges (NRC) related to the Transformation Plan. Excluding Non-Operated Resources (NOR), and to focus solely on the performance of our active Business Lines, Group EBITDAs was $105 million. Group Operating Income was $(70) million, a (21.4)% margin, and $(243) million after $173 million of NRC. Excluding NOR, and to focus solely on the performance of our active Business Lines, Group Operating Income was $(52) million. Equity from Investments contribution was $(11) million and can be mainly explained by the negative contribution made by the Seabed Geosolutions JV this quarter. Group Net Income was $(280) million after NRC. After minority interests, Net Income attributable to the owners of CGG was a loss of $(279) million / €(254) million. EPS was negative at $(12.61)/ €(11.46). Cash Flow Given the change in working capital, Cash Flow from operations was $129 million compared to $167 million for the fourth quarter of 2015. After cash Non-Recurring Charges, the Cash Flow from operations was $95 million. Global Capex was $91 million, down 5% year-on-year and 11% sequentially: After the payment of interest expenses and Capex and before cash NRC, Free Cash Flow was positive at $2 million compared to $52 million for the fourth quarter of 2015. After cash NRC, Free Cash Flow was negative at $(32) million. Comparison of Fourth Quarter 2016 with Third Quarter 2016 and Fourth Quarter 2015 Group Total Revenue was $1,196 million, down 43% compared to 2015 due to weakening market conditions and perimeter effects. The respective contributions from the Group's businesses were 66% from GGR, 15% from Equipment and 19% from Contractual Data Acquisition. Group EBITDAs was $328 million, a 27.4% margin, and $274 million after $54 million of NRC related to the Transformation Plan. Excluding NOR, and to focus solely on the performance of our active Business Lines, Group EBITDAs was $350 million. Group Operating Income was $(213) million, a (17.8)% margin, and $(397) million after $184 million of NRC. Excluding NOR, and to focus solely on the performance of our active Business Lines, Group Operating Income was $(128) million. Subsurface Imaging delivered a resilient performance, particularly in North and Latin America, despite the significant decrease in data acquisition market volumes. Our SIR leadership position was confirmed by the 2016 Kimberlite report (ex-Welling report) based on more than 200 client interviews worldwide. Equity from Investments contribution was at $(8) million and can be mainly explained by the negative contribution from the Seabed Geosolutions JV. Group Net Income was $(577) million after NRC. After minority interests, Net Income attributable to the owners of CGG was a loss of $(573) million / €(519) million. EPS was negative at $(27.57) / €(24.94). Cash Flow from operations was $522 million before NRC, compared to $529 million for the year of 2015. Cash Flow from operations was $355 million after cash NRC. After the payment of interest expenses and Capex and before NRC, Free Cash Flow was $(7) million compared to $(9) million for the year of 2015. After cash NRC, Free Cash Flow was negative at $(174) million. Group gross debt was $2.851 billion at the end of December 2016. Available cash was $539 million and Group net debt was $2.312 billion. The net debt to shareholders equity ratio, at the end of December 2016, was 206% compared to 191% at the end of December 2015. The Group's liquidity, corresponding to the sum of the cash balance and the undrawn portion of the revolving credit facilities, amounted to $539m at the end of December 2016. The lenders under our French and US revolving credit facilities and Nordic loan agreed on December 31, 2016 to disapply the maintenance covenants (leverage ratio and coverage ratio) at that date. At end of December 2016, the net debt/EBITDAs ratio would have been 6.8x. An English language analysts' conference call is scheduled today at 9:00 am (Paris time) - 8:00 am (London time)                             To follow this conference, please access the live webcast: A replay of the conference will be available via webcast on the CGG website at: www.cgg.com. For analysts, please dial the following numbers 5 to 10 minutes prior to the scheduled start time: CGG ( ) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary business segments of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation. CGG employs around 5,800 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers. CGG is listed on the Euronext Paris SA (ISIN: 0013181864) and the New York Stock Exchange (in the form of American Depositary Shares. NYSE: CGG). For the year ended December 31, 2016, Contractual Data Acquisition EBIT includes US$(0.8) million relating to other intangible assets impairment;  For the year ended December 31, 2015, Contractual Data Acquisition EBIT included: (i)       US$(365.0) million of marine goodwill depreciation; (ii)      US$(110.0) million relating to impairment of marine equipment; (iii)     US$(33.0) million relating to other intangible assets impairment; (iv)     US$(10.9) million relating to tangible assets impairment. For the year ended December 31, 2016, Non-Operated Resources EBIT includes US$(54.3) million relating to the Transformation Plan; For the year ended December 31, 2015, Non-Operated Resources EBIT included US$(207.8) million relating to the Transformation Plan. For the year ended December 31, 2016, GGR EBIT also includes US$(96.8) million impairment of multi-client survey and US$(0.5) million relating to tangible assets impairment; For the year ended December 31, 2015, GGR EBIT also included: (i)       US$(438.8) million related to GGR CGUs goodwill depreciation; (ii)      US$(41.8) million impairment of multi-client surveys; (iii)     US$(11.2) million impairment of intangibles assets. For the year ended December 31, 2016, "eliminations and other" includes US$(33.2) million of general corporate expenses and US$(36.6) million of intra-group margin. For the year ended December 31, 2015, "eliminations and other" included US$(38.6) million of general corporate expenses and US$(30.6) million of intra-group margin. For the three months ended December 31, 2016, Contractual Data Acquisition EBIT includes US$(0.8) million relating to other intangible assets impairment; For the three months ended December 31, 2015, Contractual Data Acquisition EBIT included US$(16.3) million relating to impairment of marine equipment and other intangible assets. For the three months ended December 31, 2016, Non-Operated Resources EBIT includes US$(43.3) million related to the Transformation Plan; For the three months ended December 31, 2015, Non-Operated Resources EBIT included US$(170.4) million related to the Transformation Plan. For the three months ended December 31, 2016, GGR EBIT also includes US$(96.8) million impairment of multi-client survey and US$(0.5) million relating to tangible assets impairment; For the three months ended December 31, 2015, GGR EBIT also included US$(41.8) million impairment of multi-client surveys; For the three months ended December 31, 2016, "eliminations and other" includes US$(6.8) million of general corporate expenses and US$(17.3) million of intra-group margin. For the three months ended December 31, 2015, "eliminations and other" included US$(11.6) million of general corporate expenses and US$(1.5) million of intra-group margin. (3)      Capital expenditures include capitalized development costs of US$(8.4) million and US$(12.4) million for the three months ended December 31, 2016 and 2015, respectively. "Eliminations and other" corresponds to the variance of suppliers of assets for the period.


News Article | March 3, 2017
Site: globenewswire.com

Au vu de nos résultats du T4 et du fait de conditions de marché qui restent difficiles, nous anticipons pour 2017 des résultats d'exploitation très similaires à ceux de 2016 avec néanmoins une génération de cash moins favorable. Dans cet environnement, et compte tenu d'une reprise de marché décalée dans le temps, nos résultats ne devraient pas nous permettre de générer le cash-flow nécessaire au service de la dette actuelle dans les années à venir. CGG s'engage donc, avec l'approbation de son Conseil d'Administration, dans un processus de restructuration financière dont l'objectif est de réduire de manière drastique la dette et son coût en numéraire, pour les aligner sur sa génération de trésorerie. La réduction proposée passerait par la conversion de la dette non-sécurisée en actions et par l'extension des échéances de la dette sécurisée. A cette fin, un mandataire ad hoc a été nommé par le Président du Tribunal de Commerce de Paris le 27 février 2017 pour aider le Groupe à mener les discussions à venir en préservant au mieux l'intérêt de toutes les parties prenantes. Le Groupe fait cependant face à des incertitudes significatives qui peuvent soulever un doute important sur sa capacité à poursuivre ses activités, ce incluant notamment le probable non-respect de certains covenants financiers et d'autres limitations applicables aux montants disponibles (utilisés) des crédits revolvers, du Prêt à Terme B et du crédit Nordique. Si de tels manquements se produisaient et ne pouvaient être corrigés à temps, ceci déclencherait immédiatement, y compris à travers les clauses de défaut croisé des contrats obligataires des obligations senior, l'exigibilité anticipée de la quasi-totalité de la dette financière. CGG ne serait ni en mesure de satisfaire à son obligation de remboursement par sa trésorerie disponible, ni - dans l'environnement actuel et au vu de sa situation financière - en mesure de lever les fonds supplémentaires nécessaires. Le chiffre d'affaires total de l'Equipement est de $84 millions, en baisse de 18% d'une année sur l'autre et en hausse de 57% en séquentiel. Les ventes externes se sont élevées à $48 millions, en baisse de 49% d'une année sur l'autre et en hausse de 42% en séquentiel. Les ventes d'équipements sismiques marines et terrestres restent toutes deux impactées par un faible niveau de demande dans un environnement de marché toujours très difficile. CGG (www.cgg.com) est un leader mondial de Géosciences entièrement intégré qui offre des compétences de premier plan en géologie, géophysique, caractérisation et développement de réservoirs à une base élargie de clients, principalement dans le secteur de l'exploration et de la production des hydrocarbures. Nos trois segments, Equipement, Acquisition et Géologie, Géophysique & Réservoir (GGR) interviennent sur l'ensemble de la chaine de valeur de l'exploration à la production des ressources naturelles. CGG emploie près de 5 800 personnes dans le monde, toutes animées par la Passion des Géosciences, qui collaborent étroitement pour apporter les meilleures solutions à nos clients. CGG est coté sur Euronext Paris SA (ISIN: 0013181864) et le New York Stock Exchange (sous la forme d'American Depositary Shares, NYSE: CGG). Pour les exercices clos le 31 décembre 2016 et 2015 respectivement, l'EBIT du secteur Ressources Non Opérées comprend (54,3) millions de dollars US et (207,8) millions de dollars US liés au Plan de Transformation. Pour l'exercice clos le 31 décembre 2016, l'EBIT du secteur GGR inclut (96,8) millions de dollars US de dépréciation d'études multiclients et (0,5) millions de dollars US liés à la dépréciation d'équipements ; Pour l'exercice clos le 31 décembre 2015, l'EBIT du secteur GGR comprenait : Pour l'exercice clos le 31 décembre 2016, la colonne « Eliminations et Autres » inclut des frais de siège d'un montant de (33,2) millions de dollars US et des éliminations intersecteurs pour (36,6) millions de dollars US. Pour l'exercice clos le 31 décembre 2015, la colonne « Eliminations et Autres » incluait des frais de siège d'un montant de (38,6) millions de dollars US et des éliminations intersecteurs pour (30,6) millions de dollars US. Pour le trimestre clos le 31 décembre 2016, l'EBIT du secteur Acquisition de Données Contractuelles inclut (0,8) millions de dollars US de dépréciation d'immobilisations incorporelles ; Pour le trimestre clos le 31 décembre 2015, l'EBIT du secteur Acquisition de Données Contractuelles incluait (16,3) millions de dollars US de dépréciation d'équipements Marine et d'immobilisations incorporelles. Pour le trimestre clos le 31 décembre  2016, l'EBIT du secteur Ressources Non Opérées comprend (43,3) millions de dollars US liés au Plan de Transformation ; Pour le trimestre clos le 31 décembre 2015, l'EBIT du secteur Ressources Non Opérées comprenait (170,4) millions de dollars US liés au Plan de Transformation. Pour le trimestre clos le 31 décembre 2016, l'EBIT du secteur GGR comprend (96,8) millions de dollars US liés à la dépréciation d'études multiclients et (0,5) millions de dollars US liés à la dépréciation d'équipements ; Pour le trimestre clos le 31 décembre 2015, l'EBIT du secteur GGR comprenait (41,8) millions de dollars US liés à la dépréciation d'études multiclients. Pour le 4ème trimestre 2016, la colonne « Eliminations et Autres » inclut des frais de siège d'un montant de (6,8) millions de dollars US et des éliminations intersecteurs pour (17,3) millions de dollars US. Pour le 4ème trimestre 2015, la colonne « Eliminations et Autres » incluait des frais de siège d'un montant de (11,6) millions de dollars US et des éliminations intersecteurs pour (1,5) millions de dollars US.


News Article | February 21, 2017
Site: globenewswire.com

CGG announced today that it has been awarded a contract by Brunei Shell Petroleum to operate a dedicated processing center (DPC) at its Seria office in Brunei Darussalam. The contract will run for a period of six years, from 1 January 2017 to 31 December 2022. Under the terms of the contract, CGG will deliver the full scope of processing services for 2D, 3D and 4D seismic data acquired onshore and offshore Brunei, ranging from field data processing to advanced pre-stack depth imaging, using advanced processing and subsurface imaging technology. In addition, CGG will add value to Local Business Development by committing to recruit and develop local geoscience-related personnel and execute business opportunities locally.                                Jean-Georges Malcor, CEO, CGG, said: "For many decades, CGG has been a leading provider of DPCs to E&P companies around the world, including Shell. During this time, our reputation as an excellent service and technology partner has been strongly established and we are very pleased that this has led to our selection for this major DPC award in the APAC region. We look forward to our in-house processing expertise bringing Brunei Shell Petroleum significant benefits in terms of faster project turnaround time and informed E&P decision-making to achieve their business objectives." CGG (www.cgg.com) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary businesses of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation. CGG employs around 6,000 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers. CGG is listed on the Euronext Paris SA (ISIN: 0013181864) and the New York Stock Exchange (in the form of American Depositary Shares. NYSE: CGG).


Selon les termes du contrat, CGG fournira une gamme complète de services de traitement et d'imagerie de données sismiques 2D, 3D et 4D acquises à terre et dans les eaux territoriales de Brunei, depuis le traitement des données de terrain jusqu'à l'imagerie en profondeur avant addition. CGG s'engage également au développement de l'expertise géoscience dans le pays via le recrutement et la formation de personnel géo scientifique local. Jean-Georges Malcor, Directeur général de CGG, a déclaré: «Depuis plusieurs décennies, CGG est l'un des principaux acteurs mondiaux de géoscience spécialisé dans la fourniture de centres de traitement-imagerie dédiés aux compagnies pétrolières et notamment à Shell. Durant cette période, notre réputation de partenaire technologique de premier rang s'est encore développée et renforcée. Elle nous a permis aujourd'hui de gagner ce contrat majeur en région Asie-Pacifique. Nous nous réjouissons de pouvoir apporter notre expertise en traitement-imagerie à Brunei Shell Petroleum pour accélérer l'exécution de projets et permettre ainsi une meilleure prise de décision tout au long de leur processus d'exploration-production." CGG (www.cgg.com) est un leader mondial de Géosciences entièrement intégré qui offre des compétences de premier plan en géologie, géophysique, caractérisation et développement de réservoirs à une base élargie de clients, principalement dans le secteur de l'exploration et de la production des hydrocarbures. Nos trois activités, Equipement, Acquisition et Géologie, Géophysique & Réservoir (GGR) interviennent sur l'ensemble de  la chaine de valeur  de l'exploration à la production des ressources naturelles. CGG emploie environ 6000 personnes dans le monde, animées par la Passion des Géosciences, pour apporter les meilleures solutions à nos clients. CGG est coté sur Euronext Paris SA (ISIN: 0013181864) et le New York Stock Exchange (sous la forme d'American Depositary Shares, NYSE: CGG).


CGG S.A. 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 On February 6, 2017, CGG S.A. ("CGG") announced a consent solicitation in respect of its Senior Notes (the "Notes Solicitation") and its Term Loan B (the "TLB Solicitation"). As previously disclosed, the purpose of the Notes Solicitation and the TLB Solicitation is to permit CGG to amend the Senior Notes and the Term Loan B documentation such that CGG would have the option to request the appointment of a 'mandataire ad hoc' (a French facilitator for creditor negotiations) without such action constituting an Event of Default under the Senior Notes and Term Loan B documentation. CGG today announces (i) that it has successfully completed the TLB Solicitation by receiving consent from the requisite majority of holders of the Term Loan B, (ii) that it has successfully completed the consent solicitations in respect of each of its 2020 Notes, its 2021 Notes and its 2022 Notes by receiving consent from the requisite majority of the holders of such notes and (iii) that it has waived the condition in the Consent Solicitation Statement dated February 3, 2017 (the "Consent Solicitation Statement") regarding the receipt of the requisite consents with respect to the 2017 Notes. Accordingly, the change in the Term Loan B documentation has become effective and CGG intends to enter into the supplemental indentures in respect of the 2020 Notes, the 2021 Notes and the 2022 Notes as soon as practicable to give effect to the amendments proposed in the Consent Solicitation Statement. CGG also announces the extension of the consent solicitation and the Revocation Deadline in respect of its 2017 Notes (the "2017 Notes Solicitation Extension"). The 2017 Notes Solicitation Extension will expire at 5:00 pm New York City time on February 22, 2017. As of 5:00 pm New York City time on February 17, 2017, CGG had received the consent of holders of approximately 16.3% of the aggregate principal amount ($8,319,000) of the 2017 Notes. "Senior Notes" means CGG's 7.750% Senior Notes due 2017 (CUSIP: 204386AK2 / ISIN: US204386AK24) (the "2017 Notes"), 6.500% Senior Notes due 2021 (CUSIP: 204384AB7 / ISIN: US204384AB76; CUSIP: F1704UAD6 / ISIN: USF1704UAD66) (the "2021 Notes"), 5.875% Senior Notes due 2020 (Reg. S ISIN: XS1061175607 / Reg. S Common Code: 106117560; Rule 144A ISIN: XS1061175862 / Rule 144A Common Code: 106117586) (the " 2020 Notes")  and 6.875% Senior Notes due 2022 (Reg. S CUSIP: F1704UAC8 / Reg. S ISIN: USF1704UAC83; Registered CUSIP: 12531TAB5 / Registered ISIN: US12531TAB52)(the "2022 Notes"). "Term Loan B" means the $342 million term loan facility with CGG's subsidiary, CGG Holding (US) Inc., as borrower. CGG (www.cgg.com) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary businesses of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation. CGG employs around 6,000 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers. CGG is listed on the Euronext Paris SA (ISIN: 0013181864) and the New York Stock Exchange (in the form of American Depositary Shares. NYSE: CGG).


News Article | February 21, 2017
Site: globenewswire.com

CGG will announce its fourth quarter 2016 results on Friday March 3rd, 2017, before the opening of the Paris and New York stock exchanges. To follow this conference, please access the live webcast: A replay of the conference will be made available for a period of 12 months via the webcast on CGG website at: www.cgg.com or via the QR code attached above. For analysts, please dial 5 to 10 minutes prior to the scheduled start time the following numbers: CGG (www.cgg.com) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary businesses of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation. CGG employs around 6,000 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers. CGG is listed on the Euronext Paris SA (ISIN: 0013181864) and the New York Stock Exchange (in the form of American Depositary Shares. NYSE: CGG).


CGG S.A. ANNONCE AVOIR REÇU L'ACCORD DE LA MAJORITE REQUISE DES CREANCIERS DU PRÊT A TERME B ET DES PORTEURS D'OBLIGATIONS 2020, D'OBLIGATIONS 2021 ET D'OBLIGATIONS 2022 ET LA PROLONGATION DE LA CONSULTATION DES PORTEURS D'OBLIGATIONS 2017 CGG S.A. (« CGG ») a annoncé le 6 février 2017 qu'elle lançait la consultation des porteurs de chacune des émissions d'Obligations Senior (la « Consultation des Porteurs d'Obligations Senior ») et des créanciers au titre du Prêt à Terme B (la « Consultation des Créanciers du PTB »). Comme annoncé précédemment, l'objectif de la Consultation des Porteurs d'Obligations Senior et de la Consultation des Créanciers du PTB est de permettre à CGG de modifier la documentation des Obligations Senior et du Prêt à Terme B afin de donner à CGG la possibilité de demander la nomination d'un mandataire ad hoc sans que cette démarche constitue un Cas de Défaut (Event of Default) au titre des Obligations Senior et du Prêt à Terme B. CGG annonce aujourd'hui (i) qu'elle a conclu avec succès la Consultation des Créanciers du PTB en recevant l'accord de la majorité requise des créanciers du Prêt à Terme B, (ii) qu'elle a conclu avec succès la Consultation des porteurs de chacun des émission d'Obligations 2020, d'Obligations 2021 et d'Obligations 2022 en recevant l'accord de la majorité requise des porteurs de ces obligations et (iii) qu'elle a renoncé à la condition relative à la majorité requise pour les Obligations 2017 mentionnée dans le Consent Solicitation Statement en date du 3 février 2017 (le « Consent Solicitation Statement »). En conséquence, la modification de la documentation du Prêt à Terme B est entrée en vigueur et CGG a l'intention de signer les supplemental indentures relatifs aux Obligations 2020, aux Obligations 2021 et aux Obligations 2022 dès que possible afin de mettre en application les modifications proposées dans le Consent Solicitation Statement. CGG annonce également la prolongation de la consultation des porteurs et de la Date Limite de Révocation pour les Obligations 2017 (la « Prolongation de la Consultation des Porteurs d'Obligations 2017 »). La Prolongation de la Consultation des Porteurs d'Obligations 2017 prendra fin le 22 février 2017 à 17h00 heure de New York City. Au 17 février 2017 à 17h00 heure de New York City, CGG a reçu l'accord des porteurs détenant environ 16,3 % du montant nominal total ($8.319.000) des Obligations 2017. Les « Obligations Senior » désignent les obligations senior émises par CGG portant intérêt au taux de 7,750 % et venant à maturité en 2017 (CUSIP : 204386AK2 / ISIN : US204386AK24) (les « Obligations 2017 »), les obligations senior émises par CGG portant intérêt au taux de 6,500 % et venant à maturité en 2021 (CUSIP : 204384AB7 / ISIN : US204384AB76 ; CUSIP : F1704UAD6 / ISIN : USF1704UAD66) (les « Obligations 2021 »), les obligations senior émises par CGG portant intérêt au taux de 5,875 % et venant à maturité en 2020 (Reg. S ISIN : XS1061175607 / Reg. S Common Code : 106117560 ; Rule 144A ISIN : XS1061175862 / Rule 144A Common Code : 106117586) (les « Obligations 2020 ») et les obligations senior émises par CGG portant intérêt au taux de 6,875 % et venant à maturité en 2022 (Reg. S CUSIP : F1704UAC8 / Reg. S ISIN : USF1704UAC83 ; Registered CUSIP : 12531TAB5 / Registered ISIN : US12531TAB52) (les « Obligations 2022 »). Le « Prêt à Terme B » désigne le prêt à terme d'un montant de 342 millions de dollars US conclu par CGG Holding (US) Inc., filiale de CGG, en tant qu'emprunteuse. CGG (www.cgg.com) est un leader mondial de Géosciences entièrement intégré qui offre des compétences de premier plan en géologie, géophysique, caractérisation et développement de réservoirs à une base élargie de clients, principalement dans le secteur de l'exploration et de la production des hydrocarbures. Nos trois activités, Equipement, Acquisition et Géologie, Géophysique & Réservoir (GGR) interviennent sur l'ensemble de  la chaine de valeur  de l'exploration à la production des ressources naturelles. CGG emploie environ 6000 personnes dans le monde, animées par la Passion des Géosciences, pour apporter les meilleures solutions à nos clients. CGG est coté sur Euronext Paris SA (ISIN: 0013181864) et le New York Stock Exchange (sous la forme d'American Depositary Shares, NYSE: CGG).


News Article | February 21, 2017
Site: www.marketwired.com

HOUSTON, TX--(Marketwired - February 21, 2017) - The International Association of Geophysical Contractors (IAGC) today announced its officers for 2017 at its 46th Annual Conference. The officers are Maurice Nessim of WesternGeco, Chairman; Magne Reiersgard of PGS, Vice-Chairman; Roger Keyte, Past-Chairman; Carlos De La Garza of CGG, Treasurer; and Tana Pool of TGS, Secretary. Officers serve a one-year term from February 2017 to February 2018. The elected officers join the directors already serving on the IAGC's Board: James Bogardus (Geokinetics), Peter Seidel (TGS), Katja Akentieva (TGS); Marianne Lefdal (CGG), Don Pham (CGG), Richard Price (Polarcus), Shawn Rice (ION), Craig Walker (Geokinetics) and Huasheng Zheng (BGP International). "As the IAGC sharpens its focus on new frontiers and mapping a sustainable future for the geophysical industry, we welcome our officers and look forward to working closely with them," said Nikki Martin, President of IAGC. "Our officers will play a key role as the IAGC continues executing our mission of ensuring a viable geophysical industry now and in the years the come. We are very grateful for their support, as well as the ongoing support from all of the directors." Representing more than 115 member companies worldwide from all segments of the geophysical industry, the IAGC is the only trade organization solely dedicated to representing the industry. It is the leader in geophysical technical and operations expertise and for 46 years, the IAGC has worked to optimize the business and regulatory climate and enhance public understanding to support a strong, viable geophysical industry essential to discovering and delivering the world's energy resources. About IAGC IAGC is the international trade association representing companies that provide geophysical services, geophysical data acquisition, seismic data ownership and licensing, geophysical data processing and interpretation, and associated service and product providers to the oil and gas industry. More information available at http://www.iagc.org.


Seismic migration is a multichannel process, in which some of the properties depend on various grid spacings. First, there is the acquisition grid, which actually consists of two grids: a grid of source locations and, for each source location, a grid of receiver locations. In addition, there is a third grid, the migration grid, whose spacings also affect properties of the migration. Sampling theory imposes restrictions on migration, limiting the frequency content that can be migrated reliably given the grid spacings. The presence of three grids complicates the application of sampling theory except in unusual situations (e.g., the isolated migration of a single shot record). I analyzed the effects of the grids on different types of migration (Kirchhoff, wavefield extrapolation migration, and slant-stack migration), specifically in the context of migration operator antialiasing. I evaluated general antialiasing criteria for the different types of migration; my examples placed particular emphasis on one style of data acquisition, orthogonal source and receiver lines, which is commonly used on land and which presents particular challenges for the analysis. It is known that migration artifacts caused by inadequate antialiasing can interfere with velocity and amplitude analyses. I found, in addition, that even migrations with adequate antialiasing protection can have the side effect of inaccurate amplitudes resulting from a given acquisition, and I tested how this effect can be compensated. © 2013 Society of Exploration Geophysicists.

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