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Global Geophysical Services (GGS) |
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
Global Geophysical Services (GGS) (NYSE:GGS) provides seismic data for oil and gas exploration companies. Its services provides a high resolution images of the earth's service. These images are used to find land suitable for gathering hydrocarbons, reduce risk with oil and gas exploration, design drilling programs, and other activities. Some of its major customers are Oil and Natural Gas Corporation Limited,
BP, ConocoPhillips, and other major corporations. Global Geophysical Services currently owns or have longterm leases on 151,000 recording channels. [1]
The demand for new energy resources combined with the difficulty of finding the energy resources increases the demand for services such as Global Geophysical Services provides. According to International Energy Agency, worldwide oil demand is expected to grow about 24% from 2008 to 2030. Therefore, new oil reserves need to be found to not only replace the old oil reserves, but to meet this demand. The seismic images the company provides assists the process. [1]
The company's initial public offering of stock filed on the NYSE exchange on 16 October 2009. The proposed offer price range is $15.00-$17.00. The company is offering 11.5 million shares and raising $184 million. [1]
For FY2009 with year-ended 31 December 2009, the company reported $312.8 million in total revenue, down 16.9% from $376.2 million in total revenue for FY2008. Furthermore, the company had a net income of $445,000 in FY2009, an increase from a net loss of $8 million in FY2008. [1]
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