Seismic player CGG has decided to delist its American Depositary Shares from the New York Stock Exchange (NYSE) and deregister with the United States Securities and Exchange Commission (SEC).
CGG said it believes that the costs associated with continuing the listing and registration of its ADSs exceed the benefits received by CGG, as the primary market for CGG shares is Euronext Paris.
The termination of the registration of its ADSs will become effective 90 days after the date of filing of the Form 15F with the SEC or such shorter period as the SEC may determine.
Following delisting of the ADSs from the NYSE, CGG intends to maintain its American Depositary Receipt program at “level one”. This will enable investors to retain their ADSs and facilitate trading on the U.S. over-the-counter market. The depositary of CGG’s ADR program will remain The Bank of New York Mellon.