CGG Maritime Exposure Liabilities management & New ownership set-up March 27th, 2017
CGG maritime exposure: c. 600m cash obligations by YE 2016 CGG Marine footprint: an outcome of history Charter contracts put in place mainly in the years 2008-2010 Nordic loan put in place in 2013 Chartered vessels / Owned vessels…
Maritime liabilities & New ownership set-up 3
Maritime liabilities mitigation plan: a two step process Step 1 (January 2017): reducing obligations related to the 3 cold-stacked chartered vessels Vanquish / Phoenix / Pacific Finder Settlement agreements with Eidesvik (Vanquish),…
A new ownership set-up for the operated fleet A new Asset (holding) Company owned 50/50 by CGG and Eidesvik (the 50% stake being accounted for using the equity method) The holding company will hold two ring-fenced asset companies:…
A set-up consistent with an unchanged CGG Marine strategy An operated fleet sized to meet our Multi-Client production needs, leading to 5 vessels in operation Same restart planning for the 3 C-Class: Geo Coral from the second quarter…
Main merits for CGG and its stakeholders Improved competitiveness: all operated vessels chartered at a materially reduced rate and back in line with present market conditions Substantial NOR cost savings: reduction of charter…
all of this being obtained Through a partial monetization of the Marine Assets owned today by CGG against the offset of certain cash liabilities Current high day-rates for the X-Bows / Vanquish liability Without any increase of…
Re-profiling of the maritime-related obligations (charter & debt) 9
Charter obligations & debt profile before any action plan Maritime Costs Profile c. 600m maritime-related obligations as of 31/12/2016 c. 20% related to cold-stacked chartered vessels c. 35% related to cold-stacked owned vessels…
Profile after January 2017 maritime liabilities mitigation Maritime Costs Profile Maritime-related obligations cut by more than (10)% post ML Mitigation Cold-stacked chartered vessels costs cut by more than (60)% Cut balanced by the…
Profile after full implementation of the new maritime set-up Maritime Costs Profile Maritime-related obligations cut by c. (15)% versus YE 2016 with New Set-Up Cold-stacked chartered vessels costs cut by (80)% Cut balanced by the…
Appendix: Fleet status 13
Fleet status VESSEL STATUS USE DEDICATION Chartered up to June 2022 VEGA In operation Chartered by VESSEL CO Co-owned (ESV) Chartered up to Oct. 2023 SIRIUS In operation Chartered by VESSEL CO Co-owned (OSV) NEW CORAL Owned (Geo…
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