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On November 16th, following the announcement by CGG of a next step of its Group’s Transformation, S&P downgraded CGG’s corporate rating to CCC+ with a Negative Outlook reflecting the rating agency’s view that the Company could notably face liquidity issue in the first half of 2016, breach its covenants, be unable to repay its 2017-2018 debt installments and be unable to benefit from the cash injection needed to finance its Transformation Plan.

CGG announced today the successful large-scale deployment of Sercel’s new-generation 508XT land seismic acquisition system on a high-productivity super crew conducting a seismic survey in Saudi Arabia.

CGG has announced that it will commence a multi-client airborne gravity and magnetic survey offshore Mexico. The Comisión Nacional de Hidrocarburos (CNH) has authorized the program, which will include the acquisition of approximately 200,000 line kilometers over six areas across the Mexican Gulf of Mexico.

CGG announced today that it has been awarded an extension to a major 3D seismic survey it successfully completed on the Caribbean coast offshore Colombia in late 2015.

CGG has announced that it will commence a multi-client airborne gravity and magnetic survey offshore South Africa. The Petroleum Agency of South Africa (PASA) has authorized the program which will extend across two blocks totaling approximately 78,000 line kilometers.

Net debt at $2.5B, strong quarterly multi-client sales, new financial covenant sequence extension of French revolver credit facility maturity...

The shareholders’ meeting of CGG was held today under the chairmanship of Mr Rémi Dorval, Chairman of the Board of directors.

CGG GeoConsulting announced today that Robertson has made a number of major upgrades to its Tellus™ and Frogi global exploration databases.