Land multi-client sold to SEI?!?!
Well done DeChump.
10 replies (most recent on top)
Bon Ton Seismic LLC is a Texas Domestic Limited-Liability Company (Llc) filed on November 21, 2022. The company's filing status is listed as In Existence and its File Number is 0804817216.
The Registered Agent on file for this company is Julie K. Hardie and is located at 4805 Westway Park Blvd., Houston, TX 77041.
The company has 1 contact on record. The contact is Tapeco, Inc. from Houston TX.
Company Name: BON TON SEISMIC LLC
Entity Type: TEXAS DOMESTIC LIMITED-LIABILITY COMPANY (LLC)
File Number: 0804817216
Filing State: Texas (TX)
Filing Status: In Existence
Filing Date: November 21, 2022
Company Age: 2 Months
Registered Agent:
Map Icon spacer Julie K. Hardie
4805 Westway Park Blvd.
Houston, TX 77041
Governing Agency: Texas Secretary of State
Who is Bon Ton Seismic - seems like they were created 2 months ago, just for the purchase ? Sounds like they might be Chinese.
"CGG announced today the sale, to Bon Ton Seismic LLC (Bon Ton), of its US land seismic
multi-client library encompassing approximately 20,000 square miles (about 52 000 km 2
) of 3D seismic data for a total cash consideration of US$63 million."
It's a ticking time bo-b!
This is interesting:
Land US Multiclient Data, about US 63 Mill.
Do not forget 59 Mill Euro for the Sale (and Lease Back) of the Headquarter Galileo building in Massy early 2022. CGG anticipates year-end 2022 Net Debt (before IFRS 16) to be around $859 million. $865 million year-end 2021.
Group’s cash liquidity at the end of December 2022 is expected to be around $298 Mill
Group’s Liquidity at the end of December 2021 is expected to be around $320 million.
What are the gonna sell once they’ve burned through that 63 million?
Well done DeChump! SI APAC was not doing well under his watch, but he still got promoted to lead CGG's multi-client business line. The current head of SI P. W. is the same sad story and likely a much worse one. That tells you how things work within CGG. It is then not difficult to predict how the endgame will be for CGG.
Not exactly earth shattering news, the majority wont even notice.
The countdown to the end of CGG has just sped up. 2023 is sure going to be interesting!
Must be desperate for cash to keep those management bonuses flowing.
Source?