French seismic survey specialist CGG has entered into an agreement with its Norwegian subsidiary Exploration Investment Resources II to reduce the cash cost of the charter agreement for the ‘Oceanic Champion’ vessel.
The Oceanic Champion is an active seismic vessel, and the reduction rate will be completed in exchange for agreed settlement amount, CGG said.
As part of the agreement to settle this amount on a non-cash basis, CGG on March 13 issued $12.1 million in aggregate principal amount of its 6.50% senior notes due 2021 to the relevant charter counter party.
Earlier this year, CGG had also struck a $58.6 million deal on a non-cash basis in respect of three cold-stacked seismic vessels (namely the “Pacific Finder”, the “Ocean Phoenix” and the “Viking Vanquish”).