Oil services group CGG to delist US shares

Oil services group CGG to delist US shares

Oil services group CGG , which has been emerging from a debt restructuring plan, said it would delist its U.S. securities as the company felt the New York Stock Exchange listing was too expensive.

A logo is seen on manufacturer of geophysical equipment CGG building in Massy
A logo is seen on the manufacturer of geophysical equipment CGG (Compagnie Generale de Geophysique) building in Massy, near Paris, France, March 1, 2016. REUTERS/Christian Hartmann

PARIS: Oil services group CGG , which has been emerging from a debt restructuring plan, said it would delist its U.S. securities as the company felt the New York Stock Exchange listing was too expensive.

"CGG believes that the costs associated with continuing the listing and registration of its ADSs (American Depositary Shares) exceed the benefits received by CGG, and as the primary market for CGG shares is Euronext Paris," the company said.

The company's Paris-listed shares have risen nearly 50 percent so far in 2018, as robust oil prices have generally supported companies operating in the energy sector.

(Reporting by Sudip Kar-Gupta, Editing by Sherry Jacob-Phillips)

Source: Reuters

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