CGG Announces its Q1 2021 Results

Paris, France | May 12, 2021

Positive Net Cash Flow and Successful Refinancing
Seasonal Soft Quarter with Solid Equipment Performance
2021 Financial Objectives Confirmed

CGG (ISIN: FR0013181864), a world leader in Geoscience, announced today its first quarter 2021 non-audited results.

Commenting on these results, Sophie Zurquiyah, CGG CEO, said: “With our successful refinancing we delivered the last milestone in our CGG 2021 strategy while normalizing our capital structure. We are now actively developing our new ambitions, focusing on growing our core highly differentiated businesses as the market gradually strengthens, and accelerating our growth beyond the core into sectors, including digitalization, observation & monitoring, and energy transition.

As anticipated, we continued to execute projects from our Geoscience backlog and delivered land equipment for the Saudi mega crews this quarter. Multi-Client saw a seasonal low first quarter and some shift in timing of sales. Overall, we generated $28m of positive net cash flow this quarter. With oil price firming up above the $60/bbl level, we started to see in March a resumption in commercial activity and contract awards, which gives us confidence in our 2021 financial objectives.“

Q1 2021: A seasonal soft quarter with solid Equipment performance

• IFRS figures: revenue at $209m, EBITDAs at $32m, OPINC at $(14)m
• Segment revenue at $213m, down (21)% year-on-year Geoscience: Reached a low point as it continued to deliver its backlog Multi-client: Soft quarter with timing of some sales moved to Q2/H2 Equipment: Solid operational & business performance driven by land equipment deliveries
• Segment EBITDAs at $36m and Adjusted* Segment EBITDAs at $39m, a 19% margin due to revenue mix
• Segment Operating Income at $(11)m and Adjusted* Segment Operating Income at $(12)m
• Group Net loss at $(81)m

*Adjusted indicators represent supplementary information adjusted for non-recurring charges triggered by economic downturn.

More:

Download Full Press Release (PDF, 214KB, 16 pages)

Download Presentation (PDF, 5.39MB, 25 pages)

Download Quarterly Report (PDF, 424KB, 31 pages)

Q1 2021 Conference call

An English language analysts’ conference call is scheduled today at 8:00 am (Paris time) – 7:00 am (London time)

To follow this conference, please access the live webcast:

A replay of the conference will be available via webcast on the CGG website at: www.cgg.com.

For analysts, please dial the following numbers 5 to 10 minutes prior to the scheduled start time: