OREANDA-NEWS. In the context of the S&P's downgrade of the company's rating and the associated comments, CGG would like to reiterate its anticipated end of the year 2014 financial situation.

Following a high level of cash generation during the fourth quarter 2014, Group net debt amounts at around USD 2.4B as of end of December 2014.

As that date, the financial leverage of the company - the Net Debt over EBITDA ratio - is anticipated to be close to 2,4x far below the 3,75x financial covenant cap and showing a very significant improvement when compared to the 2,9x level reached at the end of September 2014.

The Group Liquidity (sum of the cash balance and the undrawn portion of Revolving Credit Facility) at the end of 2014 is quite solid, standing above USD 650m, and looking forward CGG will benefit from a very large debt maturity umbrella with no significant debt repayment obligations within the next four years.