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Compagnie Generale de Geophysique - Veritas Mar 10 Product Image

Compagnie Generale de Geophysique - Veritas Mar 10

  • ID: 1806566
  • March 2010
  • Standard & Poors

Abstract
Position as one of three leading global providers of oil and gas seismic data acquisition services, with a strong multi-client library and processing capabilities. Diversity through leading positions in seismic research and seismic equipment manufacturing. Improved oil price outlook and global trend towards difficult-to-reach offshore exploration and increasingly difficult reserve replacement. Good liquidity position with long-ended maturity schedule. Exposure to highly cyclical oil and gas investments. Difficult seismic conditions anticipated in 2010. Much-higher-than-peer capital spending commitments for 2010-2012. Risky nature of non-contracted (multi-client) seismic data acquisition. Significant debt since previous acquisitions (even where majority-equity funded). The ratings on France-based oil and gas seismic company Compagnie Générale de Geophysique - Veritas (CGGV) take into account the sector's intense competition and high...

Companies mentioned in this report are:
- CGG
- CGG Veritas Services Holding (U.S.) Inc.

Action: Review

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: Full Analysis

- CGG
- CGG Veritas Services Holding (U.S.) Inc.

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