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

Commenting on these results, Sophie Zurquiyah, CGG CEO, said:
“I am encouraged by our Q3 results and more importantly by the signs of the gradually increasing demand for our core businesses, supported by the strengthening macro-environment. Our differentiated products and services remain fundamental to solving our client’s challenges in complex sub-surface environments, addressing their digitalization needs and reducing their environmental footprint.

Beyond the core, we are developing and commercially progressing a growing portfolio of business opportunities targeting digital geoscience, energy transition, environmental geoscience, and infrastructure monitoring. These opportunities leverage our leadership technology positions in sophisticated algorithms, high performance computing, earth subsurface data base and sensors, all of which provide new growth for the company”.

Q3 2021: A solid performance

• IFRS figures: revenue at $210m, EBITDAs at $58m, OPINC at $20m
• Segment revenue at $270m, up 35% year-on-year and up 71% sequentially
  • Geoscience segment revenue at $77m, stable year-on-year and up 5% sequentially.
  • Multi-Client segment sales at $92m, up 26% year-on-year and up 149% sequentially.
  • Equipment segment sales at $101m, up 105% year-on-year and up 113% sequentially.
• Segment EBITDAs at $118m a 44% margin and Adjusted* Segment EBITDAs at $118m,
• Segment Operating Income at $33m and Adjusted* Segment Operating Income at $33m
• Group Net Loss at $(17)m 
• Net Cash Flow at $(34)m.

Q3 2021: A solid performance

• IFRS figures: revenue at $210m, EBITDAs at $58m, OPINC at $20m
• Segment revenue at $270m, up 35% year-on-year and up 71% sequentially
  • Geoscience segment revenue at $77m, stable year-on-year and up 5% sequentially.
  • Multi-Client segment sales at $92m, up 26% year-on-year and up 149% sequentially.
  • Equipment segment sales at $101m, up 105% year-on-year and up 113% sequentially.
• Segment EBITDAs at $118m a 44% margin and Adjusted* Segment EBITDAs at $118m,
• Segment Operating Income at $33m and Adjusted* Segment Operating Income at $33m
• Group Net Loss at $(17)m 
• Net Cash Flow at $(34)m.

9 months 2021: A progressive recovery

• IFRS figures: revenue at $591m, EBITDAs at $146m, OPINC at $5m
• Segment revenue at $640m, down (5)% year-on-year
• Segment EBITDAs at $195m a 31% margin due to low H1 activity and Adjusted* Segment EBITDAs at $193m,
• Segment Operating Income at $14m and Adjusted* Segment Operating Income at $6m
• Group Net loss at $(148)m divided by two year on year
• Net Cash Flow at $(61)m before $(40)m of fees related to the refinancing

Balance Sheet at the end of September

• The sale of the physical asset storage business and the sale and lease back of the headquarter building are progressing as planned
• Liquidity of $340m and cash liquidity of $240m after reducing gross debt by $28m as part of refinancing. Net debt before IFRS 16 at $987m as of September 30, 2021

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