From GlobeNewswire: 2024-05-14 11:40:00

CGG reported strong first quarter results for 2024, with revenue reaching $273 million, a 30% increase year-on-year. Adjusted EBITDAs were at $106 million, up 58% year-on-year, and net cash-flow reached $30 million. Market demand for high-end projects and NOCs remains strong, supporting the company’s performance across core segments.CGG also achieved positive steps in financial trajectory and balance sheet deleveraging, with a cash liquidity of $350 million and net debt at $858 million as of March 31, 2024. On April 5, S&P Global Ratings upgraded the company’s credit rating to ‘B-‘ from ‘CCC+’. CGG reiterates its 2024 financial objectives and trajectory, aiming to continue its positive momentum for the year.

In the first quarter of 2024, CGG’s Digital, Data, and Energy Transition (DDE) segment saw revenue of $185 million, up 28% year-on-year. Geoscience revenue was $88 million, reflecting a solid activity across all regions. Earth Data revenue reached $97 million, driven by broad geographical demand. The segment also saw high prefunding revenue and after-sales growth. Sustained demand for high-end projects and increased activity from NOCs contributed to the segment’s performance.CGG’s Sensing and Monitoring (SMO) segment revenue reached $89 million, a 35% increase year-on-year, with land equipment sales at $39 million, up 194% year-on-year. SMO’s strong performance was supported by stable marine equipment sales and beyond the core revenues. The segment achieved an EBITDAs of $10 million, reflecting a positive financial result for the quarter.

Overall, CGG’s first quarter of 2024 showcased a robust performance across its core segments, demonstrating a strong start to the year. The company’s revenue, adjusted EBITDAs, and net cash-flow all increased significantly compared to the previous year. With a positive market environment, strong financial trajectory, and continuous backlog pick-up, CGG remains confident in achieving its 2024 financial targets and maintaining its financial objectives.



Read more at GlobeNewswire:: CGG Announces its Q1 2024 Results