July 25, 2016 11:19 AM ET

Energy Equipment and Services

Company Overview of Global Geophysical Services, LLC

Company Overview

Global Geophysical Services, LLC, together with its subsidiaries, provides seismic data solutions to the oil and gas industry. The company’s seismic data solutions primarily include seismic data acquisition, microseismic monitoring, data processing, and interpretation services, which deliver data that enables the creation of high resolution images of the earth’s subsurface, and reveal complex structural and stratigraphic details. It also provides seismic data recording equipment. The company offers seismic data acquisition for marshes, forests, jungles, arctic climates, mountains, and deserts. It serves oil and gas exploration and production companies comprising national oil companies, integ...

13927 South Gessner Road

Missouri City, TX 77489

United States

1,500 Employees

Phone:

713-972-9200

Fax:

713-972-1008

Key Executives for Global Geophysical Services, LLC

Co-Founder and Senior Vice President of Geophysical Technology
Age: 54
Chief Financial Officer and Senior Vice President
Age: 48
Senior Vice President and General Counsel
Age: 67
Vice President of Eastern Hemisphere Operations
Age: 62
Vice President of Health, Safety, Environment and Quality
Age: 59
Compensation as of Fiscal Year 2016.

Global Geophysical Services, LLC Key Developments

Global Geophysical Services Files Form 15

Global Geophysical Services, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended.

Global Geophysical Services, Inc. Amends and Restates its Certificate of Incorporation

On February 6, 2015, Global Geophysical Services, Inc. amended and restated its Certificate of Incorporation by filing the Fourth Amended and Restated Certificate of Incorporation of the company with the Secretary of State of the State of Delaware and adopted amended and restated Bylaws of the company. The Amended Certificate makes certain technical revisions and, among other things, provides that: the company shall have authority to issue 1,000 shares of common stock, par value $0.01 per share; the company may not issue non-voting equity securities; the board of directors will be elected on an annual basis as a single class, which, as long as Global Geophysical Services, LLC, a Delaware limited liability company that will become the sole stockholder of the company in connection with the consummation of the Plan holds more than 50% of the company's outstanding common stock, shall be composed of the individuals comprising the board of managers of GGS Holdings; and the company, to the maximum extent permitted under applicable law, renounces any interest or expectancy in business opportunities presented to stockholders, their direct or indirect equity holders, or directors and acknowledges the rights of such individuals to have and make investments in and relationships with Competing Businesses (as defined in the Amended Certificate). The Amended Bylaws make certain technical revisions and, among other things, provides that: stockholders will have the ability to take any action by written consent, with certain limitations; the board of directors has the authority to delegate any of its powers to committees, established by resolutions adopted by the board, with certain exceptions; the transfer and issuance of, and payment for, stock of the company is subject to certain restrictions; any repeal or amendment of the provisions of the Bylaws relating to Indemnification will have prospective effect only; the rights afforded to indemnities pursuant to the provisions of the Bylaws relating to indemnification, among other things, shall be contractual rights; upon proper disclosure, contracts or other transactions between the company and its directors, officers or stockholders shall be valid; and certain matters and actions to be taken by the company or its stockholders, directors or officers shall be directed by GGS Holdings or shall require the written consent of GGS Holdings.

Second Amended Reorganization Plan Approved for AutoSeis Inc.

The US Bankruptcy Court approved the second amended plan of reorganization of AutoSeis Inc. on February 6, 2015. As per the plan filed, general administrative claims of $18.2 million, U.S. Trustee fees and priority tax claims of $2 million will be paid in full in cash. DIP Term A loans of $60 million will be paid in cash and DIP Term B Loans of $91.9 million will be paid partially in cash and partially by issuing rights to equity and Term B loans conversion shares. Allowed secured tax claims of $2 million and secured claims of classes 3B-3H of $2 million will be paid in full in cash. Secured amegy claim and other secured claim will be paid in full in cash. Allowed financial claims (eligible participants and investors) of $262.87 million will have a recovery of 13.85% and will be given pro rata share of new common stock, warrants and rights whereas financial claims (other than eligible participants or investors) will have a recovery of 12.65% and will be paid in the form of pro rata share of new common stock and warrants. Allowed trade claims of $14 million will be paid $3.23 million in cash which is a recovery of 23.05%. Equity interests in Global Geophysical Services, Inc. will be cancelled and subsidiary equity interests will be reinstated. The plan will be funded by cash in hand, issuance of new common stock of Global Geophysical Services, Inc. issuance of rights and warrants. The debtor will also raise term loans in the form of exit credit facilities of $100 million and revolving credit facilities of $50 million.

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