CGG Reduces Cash Costs & Related Issuance of Senior Notes

Source: www.gulfoilandgas.com 1/23/2017, Location: Europe

Reflecting CGG’s commitment to focus on strict cost and cash management, CGG and CGG’s Norwegian subsidiary Exploration Investment Resources II have entered into agreements to substantially reduce the cash burden of the charter agreements (guaranteed by CGG) in respect of three cold-stacked seismic vessels (namely the “Pacific Finder”, the “Ocean Phoenix” and the “Viking Vanquish”) in exchange for agreed settlement amounts.

As part of the agreements to settle those amounts on a non-cash basis, CGG on January 20 issued $58.6 million in aggregate principal amount of its 6.50% Senior Notes due 2021 to the relevant charter counterparties.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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