Monday, 7 December 2015

CGG ANNOUNCES EXCHANGE OFFER EARLY TENDER TIME RESULTS - 07/12/2015

CGG ANNOUNCES EXCHANGE OFFER EARLY TENDER TIME RESULTS

Approximately $ 126 million of the outstanding 2017 Senior Notes tendered 
CGG Holding (U.S.) Inc. (“CGG US”), an indirect subsidiary of CGG S.A. (CGG S.A. together with its subsidiaries, “CGG”), announced today the Early Tender Time results in relation to its offer to exchange (i) any and all of CGG S.A.’s outstanding 7¾% Senior Notes due 2017 (CUSIP 204386AK2 / ISIN US204386AK24) (the “2017 Notes”) and (ii) up to $135,000,000 combined aggregate principal amount of CGG S.A.’s outstanding 6½% Senior Notes due 2021 (CUSIP 204384AB7 / ISIN US204384AB76) (the “2021 Notes”) and 6⅞% Senior Notes due 2022 (CUSIP 12531TAB5 / ISIN US12531TAB52; CUSIP F1704UAC8 / ISIN USF1704UAC83; CUSIP 12531TAA7 / ISIN US12531TAA79) (the “2022 Notes”) for senior secured term loans (the “Term Loans”) and, if applicable, cash (the “Exchange Offer”).

The terms and conditions of the Exchange Offer are detailed in an Offer to Exchange Statement dated November 19, 2015 (the “Offer to Exchange Statement”). This announcement should be read in conjunction with the Exchange Offer announcement of CGG US dated November 19, 2015. 

Early Tender Time Results
The information and exchange agent for the Exchange Offer has reported to CGG US that approximately $126 million in aggregate principal amount  (approximately 93%) of the outstanding $135 million aggregate principal amount of 2017 Notes had been tendered at or prior to 5:00 p.m., New York City time, on December 3, 2015 (the “Early Tender Time”). Additionally, aggregate principal amounts of approximately $45 million  of the 2021 Notes and $80 million of the 2022 Notes, respectively, had been tendered at or prior to the Early Tender Time. 

Exchange Offer Expiration Time
The Exchange Offer will expire at 11:59 p.m., New York City time, on December 17, 2015, unless extended or earlier terminated as described in the Offer to Exchange Statement (the “Expiration Time”). CGG US reserves the right to extend the Expiration Time in its absolute and sole discretion.

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