French marine seismic major CGG is cutting its fleet down to 13 ships from 18, has disposed of its US onshore business, postponed some debt repayments and relaxed some loan covenants as it seeks to weather the ongoing deterioration in the seismic market.

Offshore analysts at US investment bank Cowen & Co believe Paris Euronext-listed CGG’s actions “make an equity issuance less likely” and they continue to rate the shares as “market perform”.

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