Finance News

CGG Provides Q4 & Full Year 2021 Financial Update

Fourth quarter 2021 segment revenue update

CGG anticipates Q4 2021 segment revenue at around $301 million, up 15% sequentially proforma (excluding GeoSoftware) and up 12% year-on-year proforma (excluding GeoSoftware).

  • Geoscience segment revenue is expected to be around $93 million, up 37% sequentially proforma (excluding GeoSoftware) and up 50% year-on-year proforma (excluding GeoSoftware).
  • Multi-Client segment sales are expected to be around $114 million, up 24% sequentially and up 12% year-on-year. After-sales are expected to be around $55 million.
  • Equipment segment sales are expected to be around $94 million, down (7)% sequentially and down (11)% year-on-year.

Full year 2021 segment revenue update

CGG anticipates full year 2021 segment revenue at around $941 million.

2021 Net cash flow and Net debt at the end of 2021

CGG anticipates 2021 positive Net Cash Flow around $15 million before $(40) million refinancing cash costs. The Sale and Lease Back of the Headquarter Galileo building has shifted to 2022 and is expected to be completed in the first half of the year.

CGG anticipates year-end 2021 Net debt (before IFRS 16) to be around $865 million. Group’s Liquidity at the end of December 2021 is expected to be around $320 million excluding $100 million undrawn RCF.

Full Year 2021 Results and Conference Call

CGG will announce its fourth quarter 2021 results on March 3, 2022 after market close.

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Corporate Offices

Technology Systems Corporation
8502 SW Kansas Ave
Stuart, FL 34997

Phone: +1 772.221.7720