05/12/2021 | Press release | Distributed by Public on 05/11/2021 23:38
PARIS, France | May 12, 2021
CGG (ISIN: FR0013181864), a world leader in Geoscience, announced today its first quarter 2021 non-audited results.
Commenting on these results, Sophie Zurquiyah, CGG CEO, said:'With our successful refinancing we delivered the last milestone in our CGG 2021 strategy while normalizing our capital structure. We are now actively developing our new ambitions, focusing on growing our core highly differentiated businesses as the market gradually strengthens, and accelerating our growth beyond the core into sectors, including digitalization, observation & monitoring, and energy transition.
As anticipated, we continued to execute projects from our Geoscience backlog and delivered land equipment for the Saudi mega crews this quarter. Multi-Client saw a seasonal low first quarter and some shift in timing of sales. Overall, we generated $28m of positive net cash flow this quarter. With oil price firming up above the $60/bbl level, we started to see in March a resumption in commercial activity and contract awards, which gives us confidence in our 2021 financial objectives.'
*Adjusted indicators represent supplementary information adjusted for non-recurring charges triggered by economic downturn.
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An English language analysts' conference call is scheduled today at 8:00 am (Paris time) - 7:00 am (London time)
To follow this conference, please access the live webcast:
From your computer at: | www.cgg.com |
A replay of the conference will be available via webcast on the CGG website at: www.cgg.com.
For analysts, please dial the following numbers 5 to 10 minutes prior to the scheduled start time:
France call-in: |
+33 (0) 1 70 70 07 81 |
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UK call-in: |
+44(0) 844 4819 752 |
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Access Code: |
7693239 |