On December 23, 2014, CGG completed its 2014 debt refinancing program with the amendment and extension of its Nordic credit facility led by Nordea. The credit amount was increased from $175 million to $250 million and the maturity extended from May 2018 to December 2019. During the year 2014, CGG successfully renegotiated its debt (convertible bonds, high yield bonds and revolving credit facilities), amended its financial covenants of net debt over EBITDA from 3.0x to 3.75x and extended substantially its overall maturity from 4.3 years early 2014 to 5.3 years early 2015, with no major debt installment due before 2019.

Financial debt at the end of 2014 reduced to around $2.425 billion.