Reduction of Oceanic Champion vessel charter cash costs and related issuance of $12.1 million of senior notes
Tuesday, Mar 14, 2017
Reflecting CGG’s commitment to focus on strict cost and cash management and in line with the agreements announced on January 23, 2017 regarding three vessels (involving the issuance of $58.6 million of senior notes), CGG and CGG’s Norwegian subsidiary Exploration Investment Resources II have entered into an agreement to substantially reduce the cash burden of the charter agreement (guaranteed by CGG) in respect of the “Oceanic Champion”, an active seismic vessel, in exchange for agreed settlement amount.
As part of the agreement to settle this amount on a non-cash basis, CGG on March 13 issued $12.1 million in aggregate principal amount of its 6.50% Senior Notes due 2021 to the relevant charter counterparty.
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