PARIS, France – May 12, 2020 – CGG (ISIN: FR0013181864), a world leader in Geoscience, announced today its 2020 First Quarter unaudited results.Commenting on these results, Sophie Zurquiyah, CGG CEO, said:“As we are navigating through this unprecedented industry crisis, created by the combined results of oversupply and reduction in demand due to the COVID-19 pandemic, our priority remains on the health and safety of our employees and all our stakeholders, along with the continuity of our business to meet our clients’ needs. With our new asset light business profile, and our business segments positioned around reservoir evaluation and production optimization, including our data library, which is focused on proven or mature sedimentary basins, we expect CGG to be much more resilient than in the past. While the duration of this severe crisis is uncertain, we are focusing on what we can control: managing our liquidity, implementing the required capex and cash cost reductions and adjusting the organization as necessary while maintaining our R&D efforts. With $624m of cash on hand after a solid Q1 and no bond debt to reimburse before April 2023, I am confident that our asset light strategy based on high-end technology, services, data and products positions us the best for these challenging market conditions."
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