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Bulletin: CGG-Veritas Ratings And Outlook Unchanged On Wavefield Inseis Acquisition Nov 08
Standard & Poors, Nov 2008
Abstract
PARIS (Standard & Poor's) Nov. 10, 2008--Standard & Poor's Ratings Services said today that its ratings and outlook on France-based seismic oil services company Compagnie Generale de Geophysique - Veritas (CGG-Veritas; BB/Stable/--) remain unchanged following its share-based $310 million offer for Norwegian seismic company Wavefield Inseis ASA (not rated). The friendly takeover offer will result in largely unchanged credit ratios because it will be funded through a share exchange. Wavefield Inseis had about $0.15 billion in net debt and the combined group's net debt was about a pro forma $1.7 billion at end-September. The combined group's 2008 reported EBITDA should be about $1.7 billion (or $1.1 billion on an adjusted basis when deducting capitalized multiclient expenses). We therefore expect adjusted...
Companies mentioned in this report are: Compagnie Generale de Geophysique - Veritas
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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