CGG: Announces Q2-17 Results

Quarterly EBITDA boosted by solid multi-client sales

  • Revenue at $350m
    • GGR: solid Multi-Client quarterly sales boosted by Mexican and Brazilian licensing rounds
    • Equipment: persistent low volumes
    • Contractual Data Acquisition: good marine operational performance in very challenging market conditions
  • EBITDAs1 at $120m
  • Group Operating Income1 at $(3)m
  • Capex at $78m and Free Cash Flow1 at $(24)m
  • Net debt up at $2,497m at end of June with liquidity down to $315m
  • Net income at $(170)m

2017 Market outlook unchanged

  • 2017 operating results still expected in line with 2016, based on different mix:
    • Multi-Client: sales supported by good positioning in key basins
    • Equipment: low volumes in a context of uncertain recovery horizon
    • Data acquisition: still hampered by low exploration spending with the usual unfavorable seasonality in H2

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