A Review of the Nigerian Energy Industry

Global Geophysical makes Chapter 11 filing

Seismic_streamers26 March 2014, News Wires – US seismic player Global Geophysical Services has filed for Chapter 11 bankruptcy protection for its domestic operations as it strives to restructure its heavy debt-load.

The Houston-based geoscience company’s chief executive Richard White said that management was in the process of developing a “consensual financial restructuring plan that will reduce the company’s debt and align our financial profile with the strength of our operations”.

White said the seismic provider aimed to “emerge with an improved balance sheet and the enhanced financial flexibility necessary to achieve long-term growth and profitability”.

The company has agreed a potential debtor-in-possession financing agreement that would give it a debt facility of up to $60 million to allow it to maintain operations during the restructuring, with a “strong backlog” of orders in place.

Earlier this month, the company reported an expected loss from operations of $101.9 million on revenues of $292.5 million for 2013.

It said its order book was worth $180 million as of 28 February.


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