Compagnie Generale de Geophysique - Veritas Mar 10

Standard & Poors, March 2010

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 G-n-rale de Geophysique - Veritas (CGGV) take into account the sector's intense competition and high...

Companies mentioned in this report are: Compagnie Generale de Geophysique - Veritas,CGG Veritas Services Holding (U.S.) Inc.
Action: Review

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Research Type: Full Analysis

Compagnie Generale de Geophysique - Veritas,CGG Veritas Services Holding (U.S.) Inc.

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