PARIS, France – July 29, 2020 – CGG (ISIN: FR0013181864), a world leader in Geoscience, announced today its 2020 second quarter unaudited results.Commenting on these results, Sophie Zurquiyah, CGG CEO, said:“The geoscience market continued to deteriorate this quarter as clients reprioritized portfolios to factor in reductions in E&P spending. Our priority remains the safety of our employees, preservation of cash and maintaining excellent business continuity despite the global spread of Covid‐19. We are swiftly taking actions necessary to align our cost structure with the new baseline, while maintaining focus on our differentiated technologies and key multi‐client investments. With our strong balance sheet and solid strategy and plans, I am confident that CGG is well positioned to successfully navigate through these crises while best supporting our clients’ production optimization, reservoir evaluation and near field exploration challenges."
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