CGG Announces it's 2020 Third Quarter Results
Paris, France | Nov 5, 2020
Solid Q3 Adjusted EBITDAs performance
Business activity gradually resuming
PARIS, France – November 5, 2020 – CGG (ISIN: FR0013181864), a world leader in Geoscience, announced today its 2020 third quarter unaudited results.
Commenting on these results, Sophie Zurquiyah, CGG CEO, said: “CGG markets stabilized in Q3 as large Independents and NOCs started to resume activity, mainly in their core areas. We are on track with the implementation of the cost reduction plan resulting in increased Adjusted EBITDAs. Our high-end technology significantly improves our client’s understanding of the subsurface and provides important insights to the prioritization of their energy investments. This, combined with our focus on mature basins and the technology vital for step-out exploration, development and production, provides CGG with a unique value proposition for our clients. We have been able to maintain market share in our core businesses throughout the year, and I have been pleased with our progress towards developing offerings in adjacent fields, including structural health monitoring, CCUS, geothermal and environmental geosciences."
Q3 2020: stable Revenue and increased Adjusted EBITDAs quarter-on-quarter
- IFRS figures: revenue at $178m, OPINC at $(43)m, Group net loss at $(93)m
- Segment revenue at $199m, stable quarter-on-quarter
- Geoscience: Resilient activity of large and dedicated imaging centers
- Multi-client: Increased sales driven by higher after-sales
- Equipment: Lower land activity and delays in deliveries
- Segment EBITDAs at $52m and Adjusted* Segment EBITDAs at $80m before $(28)m of non-recurring severance costs, up 6% quarter-on-quarter, a 40% margin
- Segment Operating Income at $(38)m and Adjusted* Segment Operating Income at $(4)m before $(34)m of non-recurring charges
*Adjusted indicators represent supplementary information adjusted for non-recurring charges triggered by economic downturn.
Q3 2020 Conference Call
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A replay of this conference call will be made available the day after for a period of 12 months via the webcast on the www.cgg.com website.
Please dial 5 to 10 minutes prior to the scheduled start time the following numbers:
|France call-in||+33 (0) 1 70 70 07 81|
|UK call-in||+44(0) 844 4819 752|