CGG Announces Conversion of Nearly 82% of its Convertible Bonds Due 2012

Compagnie Generale de Geophysique (ISIN: FR0000120164 ; NYSE: GGY) has converted nearly 82% of its Convertible Bonds due 2012.

The amendment to the terms of the convertible bonds announced on October 17 2005, having been approved by the General Meeting of bondholders held on November 2, 2005, was approved by a General Meeting of CGG shareholders held on November 16, 2005. The early conversion period was open from November 17 to November 18 2005, inclusive.

At the conclusion of the conversion period, 11,475 convertible bonds due 2012 were converted, leading to the issuance of 1,147,500 new shares.

2,525 convertible bonds remain outstanding.