Financial Restructuring Steps

Q1 2017

5 January 2017 - Trading and financial strategy update
In a market that remains difficult, multi-client sales are estimated at circa $135 million in the fourth quarter of 2016...
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3 March 2017 - CGG Announces its 2016 Fourth Quarter & Full-Year Results
Weak volumes in difficult market conditions, financial restructuring process engaged...
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24 March 2017- New ownership set-up for CGG operated fleet
Reflecting its commitment to focus on competitiveness and strict operational and financial costs management, CGG is pleased to announce that it has agreed in principle with its longstanding partner Eidesvik and its Nordic lenders to establish a new ownership set-up for its operated fleet...
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27 March 2017 - CGG Maritime Exposure: Liabilities management & New ownership set-up
Reflecting its commitment to focus on competitiveness and strict operational and financial costs management, CGG uploaded a presentation to highlight actions undertaken in January and March 2017 to reduce its maritime liabilities...
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Q2 2017

12 May 2017 - Restructuring update
On March 3, 2017, CGG S.A (“CGG” or the “Company”) entered into a financial restructuring process with the aim of significantly reducing debt levels and related cash interest costs to align them with its cash flows. In order to facilitate such restructuring discussions held under the aegis of a mandataire ad hoc, CGG has executed non-disclosure agreements...
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12 May 2017 - Overview of the Financial Restructuring Proposal, Business Plan 2017-2019 & Q1 2017 results
Overview of the Financial Restructuring Discussions, Business Plan 2017-2019 & Q1 2017 results...
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2 June 2017 - Agreement in principle on financial restructuring plan with its main creditors and DNCA
CGG announces that it has reached an agreement in principle on a financial restructuring plan (the “Agreement in Principle”) which meets the Company’s objectives of (i) full equitization of the existing unsecured debt, (ii) extension of the maturity of the secured debt and (iii) financial flexibility to confront various business scenarios through….
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14 June 2017 - CGG Begins Legal Process to Implement Balance Sheet Restructuring
CGG today announced that following execution of legally binding agreements in support of the terms of the agreement-in-principle with key financial creditors announced on June 2, 2017, it has begun legal processes to implement a comprehensive pre-arranged restructuring, with the opening of a Sauvegarde proceeding in France and Chapter 11 and Chapter 15 filings in the U.S…
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27 June 2017 - Opening of Placement Period for subscription commitments
CGG today announced the opening of Placement Period for subscription commitments in respect of a proposed issuance of $375 million of new six-year floating rate / 8.5% PIK second lien senior notes with warrants to Eligible Holders of existing Senior Notes…
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Q3 2017

13 July 2017 - CGG calls safeguard creditor committee vote for July 28
CGG calls safeguard creditor committee vote for July 28, with over three-quarters of senior noteholders locked-up and subscribing for new second lien notes…
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28 July 2017 - CGG announces Q2 2017 results
Quarterly EBITDA boosted by solid multi-client sales; 2017 Market outlook unchanged; Focused on the swift delivery of our financial restructuring...
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 Download (PDF, 2017 Q2 Results Presentation)

7 August 2017 - Draft Safeguard Plan of CGG
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25 September 2017 - Notice of shareholders’ Combined General Meeting 2017
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Full list of related regulated information is available here.

Q4 2017

10 October 2017 - Convening notice of CGG 2017 shareholders’ meeting
The 2017 Combined General Meeting of the shareholders of CGG will be held on Tuesday October 31, 2017 at 11:00 a.m. at the Espace Evenementiel Les Esselières, 3 boulevard Chastenet de Gery, 94800 Villejuif, France.
 Download (PDF, Convening notice of shareholders’ meeting)
 Download (PDF, Report of the Board of Directors on the resolutions)
 Download (PDF, Voting form)

10 October 2017 - Shareholders Q&A for CGG’s Financial Restructuring
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13 October 2017 - Availability of a prospectus in connection with certain issuances
CGG announces that, today, the Autorité des marchés financiers granted visa n°17-551 to the prospectus (in the French language) made available to the public in connection with...
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All the documents relating to CGG shareholders’ meeting of October 31, 2017 can be found on our website here.

13 October 2017 - Communication of the independent appraiser’s report prepared as part of the contemplated financial restructuring of CGG
 Download (PDF) The report prepared by Ledouble SAS, appointed as independent appraiser to give an opinion on the fairness to the shareholders of the contemplated financial restructuring of CGG as a whole, is available here.

17 October 2017 - Availability of a securities note supplement to the prospectus approved by the AMF under visa no.17-551 on October 13th, 2017
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17 October 2017 - Financial restructuring plan: favorable vote by long-standing shareholders
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30 October 2017 - Answers to written questions raised by shareholders
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31 October 2017 - Combined General Meeting Presentation
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3 November 2017 - The EGM will be held on second notice, on November 13, 2017
 Download (PDF, Second convening notice of shareholders’ meeting)
 Download (PDF, Voting form)
The extraordinary general meeting will be held on second notice, on November 13, 2017, at 11:00 a.m. (Paris time) at the following address: Parc des Portes de Paris, Dock Haussmann, 87 avenue des Magasins Généraux – 93300 Aubervilliers.

13 November 2017 - CGG announces Q3 2017 results
Quarterly EBITDA sustained by solid multi-client sales; Year-to-date results in line with our full year outlook; Financial restructuring plan...
 Download (PDF, Full Press Release)
 Download (PDF, 2017 Q3 Results Presentation)

13 November 2017 - The general meeting of shareholders has approved the financial restructuring plan
The general meeting of shareholders has approved the financial restructuring plan...
 Download (PDF, Full Press Release)
 Download (PDF, EGM presentation in french only)

16 November 2017 - Annexes to the draft Safeguard Plan
Annexes to the draft safeguard plan are now available. To access them please click this link.

21 November 2017 - The Commercial Court of Paris indicated that it would render its judgement on the draft safeguard plan on December 1, 2017
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1 December 2017 - The Commercial Court of Paris approves the safeguard plan and dismisses the claims of certain holders of CGG’s convertible bonds
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Q1 2018

18 January 2018 - 2018 CGG Rights Offering
To access information about CGG’s 2018 rights offering, please click this link.

US Form 8937 January 2018
To access information about US Form 8937 January 2018, please click this link.

9 February 2018 - CGG announces the success of the rights offering
To access the related information, please click this link.

21 February 2018 - CGG finalizes the implementation of its financial restructuring plan
The full press release is available here.

For further information about CGG's financial restructuring, please contact: