CGG American Depository Receipts (CGGYY)

[Timothy Smith]

CGG (CGG -0.2%), the oilfield surveyor that last year rejected a takeover bid from Technip, may need to raise capital because of its "horrendous” financial situation following the collapse of crude oil prices, Exane BNP Paribas says.

While praising recent cost cuts, CGG’s balance sheet "is a bigger concern than ever,” and "liquidity could finally become a problem if conditions do not improve," the firm says.

CGG may have to raise $300M-$500M of equity, BNP says.