French seismic contractor, CGG, intends to launch a capital increase to finance its transformation plan, announced earlier this year, in order to adapt to the new environment and market conditions.

CGG plans to hold a general shareholders’ meeting on January 11, 2016 in order to delegate authority to the board of directors to decide on a capital increase of a maximum amount of €350 million by issuance of ordinary shares with preferential subscription rights for shareholders.

To remind, In November this year, CGG recognized net loss of $1.07 billion, after non-recurring charges, and informed it will be reducing its fleet from 11 to 5 seismic vessels. In addition, the company said it will slash its global workforce by additional 930 positions.

Subsea World News Staff