Global Geophysical Services, Inc. announced that it is commencing, subject to market and other conditions, an underwritten public offering of non-convertible, perpetual preferred stock through the issuance of depositary shares each representing a 1/1000th ownership interest in a share of the Company's Series A Cumulative Preferred Stock. The offering is being made on a "best efforts" basis pursuant to an effective shelf registration statement that Global previously filed with the Securities and Exchange Commission (the "SEC"). The Company intends to file an application to list the depositary shares representing the Preferred Stock on the New York Stock Exchange under the symbol "GGS.Pr.A". The Company intends to use the net proceeds from the sale of the Series A Cumulative Preferred Stock for general corporate purposes.
Global Geophysical Services provides a suite of seismic data solutions to the global oil and gas industry, including its RG-3D Reservoir Grade® seismic solutions. Co. is comprised of two business segments: Proprietary Services and Multi-client Services. The Proprietary Services segment includes conducting geophysical surveys for Co.'s clients on a contractual basis where its clients generally acquire all rights to the seismic data obtained through such survey. The segment also provides microseismic monitoring, data processing and interpretation services. The Multi-client Services segment sells licenses, on a non-exclusive basis, to data Co. owns as a part of its seismic data library.
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