CGG Announces its 2019 Third Quarter Results

Strong Operational Performance & Cash Flow Generation Drive Leverage Ratio below 1x

PARIS, France – November 6, 2019 – CGG (ISIN: FR0013181864 – NYSE: CGG), world leader in Geoscience, announced today its 2019 third quarter unaudited results.

Q3 2019: Very Strong Revenue and EBITDA growth year-on- year

  • IFRS figures: revenue at $323m, OPINC at $98m, net income at $41m
  • Segment revenue at $382m, up 36% year-on-year
    • Geoscience: stable activity supported by high-end projects
    • Multi-client: 92% growth year-on-year on the back of high prefunding and strong after-sales driven by one-off transfer fees
    • Equipment: robust sales on land equipment deliveries
  • Segment EBITDAs at $225m, up 83% year-on-year, a high 59% margin driven by increased profitability of all businesses
  • Segment operating income at $111m, including $(19)m impact of the new multi-client amortization policy, up 83%, a high 29% margin
  • Net Income at $41m

9 Months 2019: Strong Revenue and EBITDA growth year-on- year

  • Segment revenue at $1,004m, up 27% year-on-year
  • Segment EBITDAs at $515m, up 60% year-on-year, a 51% margin
  • Segment operating income at $175m, including $(82)m impact of the new multi-client amortization policy, up 32% year-on-year, a 17% margin

High Cash Generation with Strong Financial Position

  • Q3 2019 Net Cash Flow of $167m including $50m positive change in working capital from discontinued operations and solid Multi-client and Equipment cash collections
  • YTD 2019 Net Cash Flow of $179m
  • Net debt of $590m before IFRS 16 at the end of September, cash liquidity of $596m and leverage ratio Net Debt/LTM EBITDAs at 0.8x

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."

Q3 2019 Conference Call

  • An English language analysts conference call is scheduled the same day at 8:30 am (Paris time) – 7:30 am (London time)
  • To follow the conference call, please access the audio webcast:

From your computer at:

From your mobile phone or tablet:

QR code Q3

A replay of the conference call will be made available the day after for a period of 12 months via the webcast on CGG website at: or via the QR code attached above.

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

France call-in +33(0) 1 76 70 07 94
UK call-in +44(0) 844 571 8892
US call-in +1 631-510-7495
Access Code 7187129


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About CGG

CGG ( is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary businesses of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation. CGG employs around 5,100 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers. CGG is listed on the Euronext Paris SA (ISIN: 0013181864) 


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