CGG Launches Senior Secured Notes Offering

CGG Launches Senior Secured Notes Offering

Paris, France – March 15, 2021

CGG announced today that CGG S.A., the parent company of the CGG group, launched an offering (the “Offering”) of senior secured notes due 2027 denominated in both U.S. dollars and euros in an aggregate principal amount equivalent to approximately US$1,200,000,000 (the “Notes”). The Notes will be guaranteed on a senior secured basis by certain subsidiaries of CGG S.A.

CGG S.A. has also signed commitments for a US$100,000,000 revolving credit facility (RCF) secured on the same collateral as the Notes on a super senior basis with pricing linked in part to greenhouse gas emission reduction targets.

CGG S.A. intends to use the net proceeds from the Offering, together with cash on hand, to:

• repurchase, by way of a tender offer (the “Tender Offer”) by CGG Holding (U.S.) Inc., any and all of its first lien senior secured notes due 2023 issued in a principal amount of US$300,000,000 and €280,000,000 (the “Existing First Lien Notes”);
   
• satisfy and discharge and subsequently redeem the Existing First Lien Notes that are not repurchased in the Tender Offer; and
   
• satisfy and discharge and subsequently redeem in full the second lien senior secured notes due 2024 issued by CGG S.A. in a principal amount of US$355,141,000 and €80,372,000 (the “Existing Second Lien Notes”).

The Tender Offer, which launched today, is conditional on completion of the Offering and certain other conditions. CGG Holding (U.S.) Inc. and CGG S.A. issued redemption notices today for the Existing First Lien Notes and the Existing Second Lien Notes, respectively, conditional on completion of the Offering.

About CGG

CGG S.A. (www.cgg.com) is a global geoscience technology leader. Employing around 3,700 people worldwide, the CGG Group provides a comprehensive range of data, products, services and solutions that support our clients to more efficiently and responsibly solve complex natural resource, environmental and infrastructure challenges. CGG S.A. is listed on the Euronext Paris SA (ISIN: 0013181864).

Contacts

Group Communications & Investor Relations Christophe Barnini Tel: + 33 1 64 47 38 11 E-Mail: [e-mail]

This press release may include projections and other “forward-looking” statements within the meaning of United States federal securities laws. Forward-looking statements include, among other things, statements concerning the business, future financial condition, results of operations and prospects of CGG S.A., including its affiliates. These statements usually contain the words “believes”, “plans”, “expects”, “anticipates”, “intends”, “estimates” or other similar expressions. For each of these statements, you should be aware that forward-looking statements involve known and unknown risks and uncertainties. Any such projections or statements reflect the current views of CGG S.A. about future events and financial performance. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from these projections.