CGG Reduces Rates for Two More Vessels

French seismic survey specialist, CGG has reduced day rates for two more seismic vessels following the reduction for an Eidesvik-owned ‘Viking Vanquish’ vessel.

The reduction of the day rate for the Viking Vanquish seismic vessel is effective from January 2017.

Reflecting CGG’s commitment to focus on strict cost and cash management, CGG and its Norwegian subsidiary Exploration Investment Resources II have entered into agreements to substantially reduce the cash burden of the charter agreements in respect of three cold-stacked seismic vessels, namely the ‘Pacific Finder’, the ‘Ocean Phoenix’ and the ‘Viking Vanquish’.

The reduction comes in exchange for agreed settlement amounts, the company said.

As part of the agreements to settle those amounts on a non-cash basis, CGG on January 20 issued $58.6 million in aggregate principal amount of its 6.50% senior notes due 2021 to the relevant charter counterparties.

 

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