PARIS, France – November 6, 2019 – CGG (ISIN: FR0013181864 – NYSE: CGG), world leader in Geoscience, announced today its 2019 third quarter unaudited results.
Commenting on these results, Sophie Zurquiyah, CGG CEO, said:“Our performance was very strong this quarter, across all three businesses. In particular, Multi-client delivered high prefunding and after-sales, which included favorable one-off transfer fees. In the current market environment, with E&P companies continuing to prioritize spending around quicker returns, and generating free cash flow, we remain focused on bringing new technology to our clients for their near field exploration, field development and reservoir optimization needs. We further advanced our subsurface imaging and data science technology, delivering superior reservoir understanding to our clients, and providing support for their digitalization agendas. Also during the quarter, we launched GPR, Sercel’s new ocean bottom node. Cash flow generation remains our priority, and, with our very high net cash flow of $167m this quarter, we confirm that CGG will generate positive net cash flow in 2019."
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