CGG Announces its Q1 2022 Results

Source: 5/4/2022, Location: Europe

- Strong Net Cash Flow of $68 million
- Seasonally Soft SMO (ex-Equipment) Activity in Q1
- 2022 Financial Objectives Confirmed

CGG announced its first quarter 2022 non-audited results.

Commenting on these results, Sophie Zurquiyah, CGG CEO, said: “In the continued strengthening market environment, our Geoscience business had a robust quarter and is leading the recovery, driven by our clients’ requirements for better sub-surface imaging technology. Our Earth Data (ex-Multi-client) business is progressively benefiting from our clients’ increasing need to rapidly replace depleting reserves. As anticipated, activity was seasonally low in our Sensing and Monitoring (ex-Equipment) business, which had a slow start to the year. At the end of March, the level of commercial bids significantly increased, and we expect an acceleration of our clients’ decision-making and spending, particularly in the second half of the year. In this context, we confirm our 2022 financial objectives and expect the strengthening business environment to drive growth well into 2023 and beyond.”

Q1 2022: A seasonally soft SMO (ex-Equipment) quarter
- IFRS figures: revenue at $175m, EBITDAs at $61m, OPINC at $11m
- Segment revenue at $153m, down (24)% pro-forma* and down (28)% year-on-year.
- Geoscience at $75m, up 36% pro-forma* and up 14% year-on-year. Sustained growing activity worldwide and increased level of commercial bids, up 51% year-on-year.
- Earth Data at $44m, up 28% year-on-year. Stable prefunding revenue and Capex with after-sales up 56% year-on-year at $30m. Solid order intake for prefunding of 2022 programs with revenue recognition in Q2/H2 2022.
- Sensing and Monitoring at $34m, down 70% year-on-year with large mega-crew deliveries in Q1 2021. Low quarter as anticipated with some equipment sales shifted to H2 2022. Significant commercial opportunities for OBN sales. High activity expected in H2 2022.
- Segment EBITDAs and adjusted** segment EBITDAs at $39m, up 19% year-on-year, a 25% margin due to favorable revenue mix.
- Segment Operating income / (loss) at $(5)m and adjusted** segment Operating income / (Loss) at $(4)m.
Group Net loss at $(19)m.

*Pro-forma indicators represent supplementary information adjusted for GeoSoftware and Physical Asset Storage and Services businesses sold in 2021.
** Adjusted indicators represent supplementary information adjusted for non-recurring charges.

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