CGG Announces its Q2 2021 Results

Source: 7/28/2021, Location: Europe

CGG, a world leader in Geoscience, announced today its second quarter 2021 non-audited results.

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

“During the first half of the year, the oil price environment has become more favorable. However, this has not translated yet into increase in geoscience-related spending by our customers. Considering the lack of investments by E&P companies, the need to increase spending, to better understand the subsurface and develop new opportunities, has continued to grow. Among our three businesses, Multi-client has been the most affected by the spending delays. Looking forward, following the soft first half of the year, activity is expected to strengthen in the second half of 2021 and onwards. With its high-end Geoscience and Equipment technologies, and superior quality Multi-client data in the world’s most attractive basins, CGG is well positioned to provide our clients with the solutions they require to increase the effectiveness of their activities, while meeting their ESG goals. In this environment, technology innovation, business diversification, and cash generation, remain our top priorities.”

Q2 2021: A soft quarter for Multi-client and Equipment

- IFRS figures: revenue at $172m, EBITDAs at $56m, OPINC at $(1)m

- Segment revenue at $157m, down (22)% year-on-year and down (26)% sequentially

- Geoscience segment revenue at $73 million, down (12) % year-on-year and up 11% sequentially

- Multi-Client segment sales at $37 million, including $20 million after-sales, down (40)% year-on-year and up 8% sequentially

- Equipment segment sales at $48 million, down (19)% year-on-year and down (58)% sequentially

- Segment EBITDAs at $42m and Adjusted* Segment EBITDAs at $35m, a 22% margin due to unfavorable revenue mix

- Segment Operating Income at $(7)m and Adjusted* Segment Operating Income at $(15)m

- Group Net loss at $(51)m

- Net Cash Flow at $(56)m before $(39)m of fees related to the refinancing

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