PARIS, France – January 12, 2021
CGG anticipates Q4 2020 segment Group revenue at $282 million.
CGG anticipates full year 2020 segment revenue at around $954 million, down 32% year on year.
CGG anticipates negative Net Cash Flow around $(245) million mainly due to significant negative change in working capital (with December revenue expected to be around $160 million) and non-recurring cash costs related to CGG 2021 Plan and severance.
CGG anticipates year-end 2020 Net debt (before IFRS 16) to be around $849 million. The Group’s Liquidity is expected to be at around $385 million at the end of December 2020.
Group Segment backlog as of January 1, 2021 stands at $421 million – its highest level since April 1, 2020.
On January 11, 2021, Eidesvik Offshore ASA decided to exercise its put option and sell to CGG all its Shearwater shares at a strike price of US$ 30 million. Through this transaction, CGG SA will acquire 1,987,284 Class A shares and increase its shareholding in Shearwater Geoservices Holding AS to 6.64% of the total outstanding shares and 6.72 % of the shares having voting rights.
On January 11, 2021, CGG accepted the binding offer from Rasmussengruppen to acquire all Shearwater shares held by CGG SA, including those to be owned as a result of Eidesvik exercising its put option. Through this transaction, CGG SA will sell a total of 3,945,532 Class A shares of Shearwater Geoservices Holding AS at fair market value for the total cash consideration of US$ 27.62 million. This transaction is expected to be completed not later than February 1, 2021 subject to customary closing conditions.
CGG will announce its fourth quarter 2020 results on March 5, 2021 before the opening of the Paris stock exchange.
CGG (www.cgg.com) is a global geoscience technology leader. Employing around 4,000 people worldwide, CGG provides a comprehensive range of data, products, services and equipment that supports the discovery and responsible management of the Earth’s natural resources. CGG is listed on the Euronext Paris SA (ISIN: 0013181864).
The operating procedure of the Board is governed by the Internal Rules and Regulations of the Board of Directors.
CGG is committed to Sustainable Development and Corporate Social Responsibility through a balanced approach to economic development, social progress and responsible environmental management.
Our aim is to build a rebalanced geoscience group that is firmly anchored in its unique and high-tech positions in Equipment, Imaging-Reservoir and high-end Data Acquisition.
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