PARIS, France – May 15, 2019 – CGG (ISIN: FR0013181864), a world leader in Geoscience, announced today its 2019 First Quarter unaudited results.
Commenting on these results, Sophie Zurquiyah, CGG CEO, said:“Our geoscience markets continue their gradual recovery driven by increase in offshore E&P Capex. Our strong cash generation reflects the strength of our core businesses and our cost management focus. CGG has delivered a first quarter in line with our expectations and, in the context of improving industry outlook, we confirm our 2019 guidance and 2021 targets."
From Q1 2019, CGG segment figures are presented after IFRS 16 and before IFRS 15. CGG implemented IFRS 16 effective January 1, 2019 with a modified retrospective application. Therefore, the cumulative effect of adopting IFRS 16 are recognized as an adjustment to the opening balance of retained earnings on January 1, 2019, with no restatement of comparative information.
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