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CGG Announces its Q1 2024 Results

Paris, France | May 14, 2024

Very strong start to the year 
Revenue at $273m, up 30% y-o-y 
ADJUSTED EBITDAs at $106m, up 58% y-o-y
Net Cash-Flow at $30m

CGG (ISIN: FR0013181864), a global technology and high-performance computing (HPC) leader, announced today its first quarter 2024 non-audited results.

Commenting on these results, Sophie Zurquiyah, CGG CEO, said:

“I am very pleased with our first quarter performance. At $273m, we delivered the best first quarter revenue since our strategic decision to become an asset light company in late 2018. Our $30m net cash generation, together with the recent upgrade of our long-term debt by S&P Global Ratings are positive steps of our financial trajectory and balance sheet deleveraging. The continued strong market environment across our core segments, combined with CGG’s recent backlog pick-up, further increases our confidence in achieving our 2024 financial targets.”

Q1 2024: Very strong start to the year 

IFRS figures: revenue at $249m, EBITDAs at $80m, OPINC at $20m

Segment revenue at $273m, up 30% year-on-year.

  • Geoscience at $88m, up 11% year-on-year. Global activity remains strong sustained by demand for high-end large projects and NOCs increasing activity.
  • Earth Data at $97m, up 50% year-on-year sustained by broader geographical demand. Prefunding revenue at $58m and after-sales up 32% year-on-year at $39m.
  • Sensing and Monitoring at $89m, up 35% year-on-year, driven by high deliveries of land equipment.

Adjusted Segment EBITDAs* at $106m, up 58% year-on-year including $(16)m fees from contractual vessel commitments and a 38% margin.

Adjusted Segment Operating income* at $29m, up 107% year-on-year.

Group Net Income at $(3)m compared to $(16)m last year.

Cash-flow and Balance Sheet:

  • Net cash-flow at $30m, including $(20)m fees from contractual vessel commitments.
  • Cash liquidity of $350m as of March 31, 2024, excluding $90m undrawn RCF.
  • Net debt before IFRS 16 at $858m as of March 31, 2024.

Post closing events:

On April 2, CGG and ONGC entered into a final agreement to settle an old litigation for a net cash amount of ~$30m.

On April 5, S&P Global Ratings ("S&P") has upgraded our Company's issuer credit rating to 'B-' from 'CCC+’.

2024 Financial objectives:

The Group reiterates its 2024 financial objectives and its 2024-2025 financial trajectory.

More:

Download Full Press Release

Download Presentation

Q1 2024 Conference call

  • The press release and the presentation will be made available on our website www.cgg.com at 5:40 pm (CET)
  • An English language analysts conference call is scheduled the same day at 6.00 pm (CET)

Participants should register for the call here to receive a dial-in number and code or participate in the live webcast from here.

A replay of the conference call will be made available the day after for a period of 12 months in audio format on the Company's website www.cgg.com.

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