Commences Sauvegarde proceeding for parent company in France and pre-arranged Chapter 11 for certain material subsidiaries in the U.S.

Operations continue as usual with sufficient liquidity, high levels of service for customers

Restructuring transactions will result in a group with pro-forma leverage below 2x, no debt maturing before 2022 and $1 billion liquidity improvement

Paris, France - 14 June 2017

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.

CGG will now seek an agreement with the required majorities of creditors. Subject to their support and the plan's approval by the shareholders' general meeting, this agreement will become binding on all creditors following court approval.

Jean-Georges Malcor, CEO of CGG said: 'CGG has accomplished a major step today for its comprehensive financial restructuring plan. The June 2, 2017 agreement-in-principle with our main creditors and DNCA has been signed and the restructuring plan meets our objectives of substantially reducing the debt on our balance sheet while preserving the integrity of the CGG Group. CGG will continue normal business operations during this process, and the restructuring transactions will not affect relationships with our clients, business partners, vendors or employees. We will maintain our commitment to operational excellence and our customers can be confident that they will continue to receive the best-in-class service and support and innovative solutions they are accustomed to without interruption. We expect that our financial restructuring can move forward quickly to strengthen our balance sheet and to position the company well for the future.'

Download Full Press Release and Financial Restructuring Agreement with main creditors and DNCA: Key terms Presentation (PDF)

Over 2017-2019 and including the Nordic restructuring

About CGG

CGG (www.cgg.com) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary businesses of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation. CGG employs around 5,600 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers.
CGG is listed on the Euronext Paris SA (ISIN: 0013181864) and the New York Stock Exchange (in the form of American Depositary Shares. NYSE: CGG).

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CGG SA published this content on 14 June 2017 and is solely responsible for the information contained herein.
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Original documenthttp://www.cgg.com/Investors/Press-Releases/2017/06/CGG-Begins-Legal-Process-to-Implement-Balance-Sheet-Restructuring-and-Create-Sustainable-Capital-Structure

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